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Exceeded FSA (Flex Spending) IRS maximum contribution limit - what do I do?
I contributed $3800 at my previous job for 2007.
Then I moved companies and contributed additional $3000 for 2007, which makes it a total of $6800 for the year. The IRS limit is $5000 per year.
What happens? Do I need to pay a penalty at tax time? Can I request my current company to reimburse the excess amount?
What are the rules for California?
Thanks in advance!
2 Answers
- Anonymous1 decade agoFavorite Answer
I think the first place I'd ask about this is the human resources office at the current company. They can probably tell you more accurately what your options are for the state and so on. It seems reasonable to me that the money could be reimbursed... anything to avoid heavy penalties at tax time.
- npkLv 71 decade ago
Check the IRS website - they have a publication that deals with FSA contributions and I believe there is a way you can "back out" excess contributions for the current tax year. But go to IRS to get the latest info.
