1.
I just realized that I made a mistake in
my election. Can I correct it?
2. I’ve used all my money
from my account. Can I now elect to put
more money into my account?
3. I just learned that I need
to have a tooth crowned. Can I increase
my health care election?
4. If I have leftover funds
in my health care account, can I transfer
those funds to my dependent daycare account?
Q. I just realized
that I made a mistake in my election.
Can I correct it?
No. The IRS allows changes only in
the event of status changes or Qualifying
Life Events such as marriage, divorce,
birth, death, etc. Furthermore, your
employer’s plan may be even
more restrictive. Be sure to check
the “irrevocability” provisions
under your employer-sponsored plan.
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Q. I’ve
used all my money from my account.
Can I now elect to put more money
into my account?
No. The IRS allows changes only in
the event of status changes or Qualifying
Life Events such as marriage, divorce,
birth, death, etc. Furthermore, your
employer’s plan may be even
more restrictive. Be sure to check
the “irrevocability” provisions
under your employer-sponsored plan
Back to top |
Q. I just learned
that I need to have a tooth crowned.
Can I increase my health care election?
No. The IRS allows changes only in
the event of status changes or Qualifying
Life Events such as marriage, divorce,
birth, death, etc. Furthermore, your
employer’s plan may be even
more restrictive. Be sure to check
the “irrevocability” provisions
under your employer-sponsored plan.
Back to top |
Q. If I have
leftover funds in my health care account,
can I transfer those funds to my dependent
daycare account?
No. Each account is separate and distinct.
Funds can not be transferred between
accounts.
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