Little Rishi

Labels: book, book quote, books, quotes, WQ

Labels: investing, investment, irs, taxes

Labels: quote, quotes

May the Sacred Heart of Jesus be adored, glorified, loved and preserved throughout the world now and forever.
Sacred Heart of Jesus, pray for us.
St. Jude worker of miracles, pray for us.
St. Jude helper of the hopeless, pray for us.

I attest that the following statements are true:
1) I am not currently employed or being paid to develop software applications or web pages
2) Adobe Flex Builder 3 Software I receive under this program is for my personal use to learn about Adobe Flex and improve my skills
3) My license to use Flex Builder 3 under this program will not be used for production or commercial purposes, nor will it be transferred to any other person or entity, including to my employer should I become employed.

There's good news and bad news about FSA contributions. On the bright side, you can use the full $2,400 for eligible medical expenses at any time -- even if you lose your job before the year is over. "An employer cannot ask for the money back in most cases, unless the plan is written in a certain way, which is highly unusual," says Jody Dietel, chief compliance officer for WageWorks, which administers FSAs for many large employers. Ask your employer about the rules before you spend the extra money.

But you usually have to spend the money before you lose your job, or else you lose the remaining cash in the account. If you think that your job may be in jeopardy, this could be a good time to visit the dentist, eye doctor and pharmacist and to buy an extra pair of eyeglasses. You can submit the paperwork even after you lose your job, as long as you incurred the expenses before your termination. "There's typically a claims run-out period that gives you some extra time to submit eligible claims for reimbursement," says Kelly Traw, of Mercer, a health-benefits consulting firm.

There may be a way, however, to buy yourself some extra time to use the cash in the account. Some employers give you until the end of the month to use the money, or you might be able to sign up to extend your FSA benefits under COBRA - the same federal law that lets employees keep group health insurance for up to 18 months after they leave their jobs. Most companies with 20 or more employees are required to offer COBRA coverage, which also applies to money in flexible spending accounts. You don't have to use COBRA for health insurance to have COBRA coverage for your flex plan; they're separate from one another.

To keep your FSA open, you would continue making the same monthly contribution plus a 2% charge. So if you signed up to contribute $200 every month while working, you'll contribute $204 per month to keep COBRA coverage for your flexible spending account.