Tax Pro Extra Training

Question 33 of 40. All of the following statements about flexible spending accounts (FSAs) are TRUE, EXCEPT: A taxpayer can direct a total of $5,000 from both employer and employee funds into a child or dependent care FSA Contributions are pre-tax. Funds remaining in the account at the end of the year roll forward to the next year. Expenses paid for with FSA dollars cannot be used to calculate a related credit. Mark for follow up