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And its typically younger workers who forfeit more, she added.
The average FSA contribution was $1,291 in 2022.
Eighty-five percent of account holders took a distribution that year.
Among those who did, the average distribution was $1,323.
Orman believes an FSA can be asmart financial move, but only if you take full advantage.
Here are her tips.
Take advantage of the tax savings.The money you put into your FSA isnt taxed.
However, you might contribute up to $3,200 in 2024, according to the IRS.
Check your plan to see whats covered.Your plan should have a list of qualified expenses.
Not everything will qualify.
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