Kiplinger.com
Tools
Columns
E-mail Alerts
Online Forum
Quizzes
Site Map
The Kiplinger Letter
Kiplinger Store
Customer Service
Corporate Sales
About Kiplinger
Give A Gift

How much should I put in my flexible spending account?

This calculator will estimate your 2009 tax savings if you use your employer’s flexible spending plan to pay for medical and/or dependent care expenses. "Flex plans" let you set aside a portion of your salary before taxes to pay for dependent care costs and medical expenses not covered by insurance. Once you pay for the expense, you are reimbursed by your plan. There's one drawback to flex plans, though. If you don't use all the money in your account by the end of the plan year, you lose it. You could still come out ahead if you save more in taxes than you forfeit. You don't want to lose a dime, of course, but to encourage you to take full advantage of the tax benefit -- and not forfeit tax breaks by putting in too little -- we'll show you the minimum you'd need to spend to come out ahead.


1.  What is your annual salary? $
2.  What is your spouse's annual salary? $
3.  What is your estimated 2009 taxable income? $
4.  What is your federal tax rate?     %
5.  What is your state tax rate?     %
6.  Do you plan to itemize deductions?    
7.  Estimated annual medical expenses for the coming year:
      (Many plans limit medical reimbursements to $3,000 per year. Consult your plan for details.)
      Deductibles: $
      Co-insurance: $
      Prescription drugs: $
      Over-the-counter drugs: $
      Dental/orthodontics: $
      Vision: $
      Assistance for disabled: $
      Therapies/treatments: $
      Counseling/psychiatric care: $
      Medical equipment: $
      Other: $
8.  Estimated annual dependent care expenses for the coming year:
      ($5,000 maximum)
      Child care: $
      Preschool: $
      After-school care: $
      Home health care: $
      Other: $
 
SPONSORED LINKS