Which of the following is false regarding flexible spending accounts (FSA)? Distributions from a FS used for qualified medical expenses as well as qualified transportation and child care expenses are excluded from gross income The maximum amount that can be contributed to a FSA in one year is $2,750. Expenses in a FSA account not used within a year may be rolled over and used in future years for qualifying expenses An individual that elects to have $1,000 contributed from payroll to a FSA during the year may withdraw $1,000 the first day of the new benefits year