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1 Best answerFSAs are usually funded through voluntary salary reduction agreements with your employer. No employment or federal income taxes are deducted from your contribution. The employer may also contribute.
Note: Unlike HSAs or Archer MSAs which must be reported on your Form 1040, there are no reporting requirements for FSAs on your income tax return.
Also. you cannot deduct qualified medical expenses as an itemized deduction on Schedule A (Form 1040) if they were paid with pre-tax dollars from an FSA.
If you have any unused amounts in your FSA, that amount is forfeited, and since you already got a deduction, you cannot deduct the loss.
June 7, 2019 2:59 PM 17 RepliesDo NOT enter any amounts from Code W in Box 12 of your W-2; Those are only entered when you put in your W-2 information. Did you make any additional contributions beyond that? What proof of payment do you have? .
June 7, 2019 2:59 PM New MemberFSAs are usually funded through voluntary salary reduction agreements with your employer. No employment or federal income taxes are deducted from your contribution. The employer may also contribute.
Note: Unlike HSAs or Archer MSAs which must be reported on your Form 1040, there are no reporting requirements for FSAs on your income tax return.
Also. you cannot deduct qualified medical expenses as an itemized deduction on Schedule A (Form 1040) if they were paid with pre-tax dollars from an FSA.
If you have any unused amounts in your FSA, that amount is forfeited, and since you already got a deduction, you cannot deduct the loss.
