Healthcare Flexible Spending Account Tax Savings Calculator

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The average family, over the course of a year, has significant medical, dental and vision expenses. If you contribute to a Healthcare Flexible Spending Account (FSA) you can pay for some or all of these expenses with money that isn't subject to income taxes. Input your annual compensation and Healthcare FSA contributions to estimate your tax savings.

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Healthcare Flexible Spending Account Tax Savings Calculator Definitions

Federal Income Tax Rates:: **TAXTABLE_CURRENT_DEFINITION**
Gross compensation: This is your total income for the year. To keep things simple this calculator assumes this is your income before taxes but after deductions for retirement contributions such as 401(k)s, IRAs, etc.
Filing status: Choose your filing status. The ‘Filing Status’ table summarizes the five possible filing status choices. Your filing status determines the income levels for your Federal tax bracket. It is also important for calculating your standard deduction. Your marital status as of the last day of the year determines your filing status.
Filing Status

Married Filing Jointly If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year and you did not remarry, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately".

Qualified Surviving Spouse Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider.

Single Use this filing status if you don't qualify for any other filing status. Generally, If you are divorced, legally separated or unmarried as of the last day of the year (and you are not using another filing status) you should use this status.

Head of Household This is the status for unmarried individuals (or individuals considered unmarried) that pay for more than half of the cost to keep up a home for qualifying individuals who live with the taxpayer for more than one-half of the year. (The taxpayer's dependent parent does not have to live with the taxpayer but can still qualify provided you pay over half of the cost of keeping up the parent's home.). This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.

Married Filing Separately If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately".

The standard deductions are: **STANDARDDEDUCTION_CURRENT_DEFINITION**
FSA contribution amount: Total Healthcare Flexible Spending Account contribution. The amount per period that you wish to contribute to a Flexible Spending Account (FSA) for medical and dental expenses. All amounts you enter here are considered pre-tax deductions from your paycheck if you participate in your company's medical FSA. The tool considers these expenses to be ordinary after-tax expenses if you do not participate. In 2023, the maximum annual contribution to a medical FSA is $3,050 per person. This amount is indexed for inflation for future years.

Married Filing Jointly	If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year and you did not remarry, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately".
Qualified Surviving Spouse	Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider.
Single	Use this filing status if you don't qualify for any other filing status. Generally, If you are divorced, legally separated or unmarried as of the last day of the year (and you are not using another filing status) you should use this status.
Head of Household	This is the status for unmarried individuals (or individuals considered unmarried) that pay for more than half of the cost to keep up a home for qualifying individuals who live with the taxpayer for more than one-half of the year. (The taxpayer's dependent parent does not have to live with the taxpayer but can still qualify provided you pay over half of the cost of keeping up the parent's home.). This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married Filing Separately	If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately".