Tag: use it or lose it

This article serves as a reminder to those with Flexible Spending Accounts (FSAs) to use their funds before the end of the year, as FSAs operate on a “use it or lose it” basis. While the IRS allows a 2.5-month grace period (until March 15, 2025) or a carryover of up to $500, employers ultimately decide how leftover funds are handled. FSAs allow for pre-tax money to be set