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125 Plan And Employer Out Of Business

Guest moosegirl

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Guest moosegirl

An employee has contributed monthly to a flexible spending account and has not submitted any claims for the year. The employer goes out of business during the year. The employee pays out of pocket for expenses that he planned to pay with his FSA contributions. Does the employee get any tax deduciton for the amount lost other than the medical expense deduction subject to the 7.5% limitation?

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