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May 22, 2013
John Thorne:
They launched the 'Arab Spring' but now yearn for the good old days of a strongman
May 20, 2013
Richard A. Serrano: Is Meir Kahane's assassin now a changed man?
Melissa Healy: Genetic copies of living people from embryos no longer science fiction
Jewz in the Newz by Nate Bloom : Jews Inducted into Rock Hall of Fame; Anton Yelchin co-stars in New "Trek" film; Kutcher (but not Kunis) visits Israel; Jewish TV Star Praises Jewish Rap Star
The Kosher Gourmet by Cathy Pollak: WARNING: This WALNUT CAKE WITH PRALINE FROSTING, perfect for afternoon coffee, is addicting
May 13, 2013
Rabbi Nathan Lopes Cardozo: Why the giving of the document that would permanently change the world could only be done in desolation
David G. Savage: Church-state, literally? Supreme Court weighing public school graduation in a church
May 10, 2013
Rabbi Berel Wein: Be all that you should be
May 8, 2013
Peter Ford: Why China is welcoming both Israel's Netanyahu and Palestinians' Abbas
Warren Richey: Obama administration quietly backs out of appeal over new contraceptive mandate
Fred Weir: At Kerry-Putin meeting, US-Russia relations thaw --- a tad
The Kosher Gourmet by Leela Cyd Ross : Almost too pretty to eat, this colorful salad with Sicilian inspiration will tickle the taste buds and delight your visual sensibility
May 6, 2013
May 3, 2013
Kids, kittens the Same? With employee perks at struggling Internet pioneer Yahoo! it's hard to tell
Sandy Kleffman: Artificial kidney offers hope to patients tethered to a dialysis machine
April 29, 2013
Roy Gutman: Poland's new Jewish museum celebrates life, doesn't revisit Holocaust
Mark Clayton: Terrorism in America: Is US missing a chance to learn from failed plots?
Kim Murphy: Boston Bomber's 'Svengali' Revealed
Pete Spotts: Tiny satellites + cellphones = cheaper 'eyes in the sky' for NASA
April 26, 2013
Clifford D. May: Defense in the Age of Jihadist Terrorism
Sharon Palmer, R.D.: How to feel your best -- with plenty of energy, a healthy weight and optimal mental and physical function -- without driving yourself batty
April 24, 2013
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Jewish World Review
What to know about flex account contribution limits
By
Kimberly Lankford
Know the rules and, more importantly, the changes
Q: I understand that the contribution limit for a medical flexible spending account will drop to $2,500 in 2013. Is that the limit per household or for each working spouse? Our family's out-of-pocket medical expenses average about $4,000 a year. Can I contribute $2,500 to my FSA at work and my wife $1,500 through her employer? Can I use money from my FSA for some of her expenses? And is the $5,000 limit for dependent-care FSAs per person or per family?
A: The $2,500 limit for medical flexible-spending accounts is per person per plan rather than per household, so if you and your wife both have FSAs through your jobs, you can each contribute up to $2,500 in pretax money to your FSA accounts. You can use the money from either spouse's FSA on out-of-pocket medical expenses (but not premiums) for any family member, including eligible dependents.
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Most plans even let you use medical FSA money for medical expenses for children through the year they turn age 26, whether or not they're covered under your health insurance or considered to be dependents for tax purposes. Check with your plan to see if it allows you to do so, says Jody Dietel, chief compliance officer for WageWorks, which administers FSA plans.
The contribution rules are different for dependent-care FSAs. That $5,000 limit applies per family if you are married filing jointly or if you're a single parent (or $2,500 each if you're married filing separately). So if both you and your wife are offered dependent-care FSAs at work, be careful not to exceed the limit when you sign up during open-enrollment period.
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Comment by clicking here. Kimberly Lankford is a Contributing Editor at Kiplinger's Personal Finance.
All contents copyright 2012 The Kiplinger Washington Editors, Inc. Distributed by Tribune Media Services. All rights reserved.
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