"Medical Savings Accounts"

#5 01-15-2004, 11:33 PM

I believe that's federal law. If you're thinking of leaving your employer
anyway, it might behoove you to schedule major surgery immediately after the
first of the year, pay for it with MSA deductions, and quit work immediately
after. <grin
"Ralph Lehman" <RELehman[at]comcast.net> wrote in message
news:%23m1gWMq2DHA.2528[at]TK2MSFTNGP10.phx.gbl...
- quote -

> Thanks for the insight. Also, I didn't know that you don't have to pay
it
> back when you leave your employment. That is interesting.

#4 01-14-2004, 12:34 PM

Thanks for the insight. Also, I didn't know that you don't have to pay it
back when you leave your employment. That is interesting.

Ralph

"Chris Cowles" <NoSpam[at]For.me> wrote in message
news:uoEYpF71DHA.2060[at]TK2MSFTNGP10.phx.gbl...
- quote -

> That is true for Medical savings accounts only. You can't do it in
Dependent
> Care savings accounts.
> I do what Dick suggests, ie, making the account balance negative. Future
> paycheck deductions return it to 0 over time. If you leave your
employment,
> you are not required to pay it back. I don't know if the IRS considers
that
> taxable income, but you should record it as income in some fashion for
your
> personal budget.
> --
> Chris Cowles,
> Gainesville, FL
> "Ralph Lehman" <RELehman[at]comcast.net> wrote in message
> news:%23GS4EJw1DHA.3416[at]tk2msftngp13.phx.gbl...
> > Any ideas on how to treat the account if it is a FSA??? My FSA allows
me
> to
> > draw upon it starting January 1. As an example the account has $1200 on
> the
> > first of the year and I can draw it out as used even though I only put
> $100
> > / month into the account. Any ideas or suggestions for how to handle
this
> > concept?

#3 01-10-2004, 06:38 PM

That is true for Medical savings accounts only. You can't do it in Dependent
Care savings accounts.

I do what Dick suggests, ie, making the account balance negative. Future
paycheck deductions return it to 0 over time. If you leave your employment,
you are not required to pay it back. I don't know if the IRS considers that
taxable income, but you should record it as income in some fashion for your
personal budget.

--
Chris Cowles,
Gainesville, FL

"Ralph Lehman" <RELehman[at]comcast.net> wrote in message
news:%23GS4EJw1DHA.3416[at]tk2msftngp13.phx.gbl...
- quote -

> Any ideas on how to treat the account if it is a FSA??? My FSA allows me
to
> draw upon it starting January 1. As an example the account has $1200 on
the
> first of the year and I can draw it out as used even though I only put
$100
> / month into the account. Any ideas or suggestions for how to handle this
> concept?

#2 01-09-2004, 09:59 PM

I draw the account down to a negative number. That tells me where I'm really
at--i.e., I'm spending/getting reimbursed faster than the money is being
taken in.

"Ralph Lehman" <RELehman[at]comcast.net> wrote in message
news:#GS4EJw1DHA.3416[at]tk2msftngp13.phx.gbl...
- quote -

> Any ideas on how to treat the account if it is a FSA??? My FSA allows me
to
> draw upon it starting January 1. As an example the account has $1200 on
the
> first of the year and I can draw it out as used even though I only put
$100
> / month into the account. Any ideas or suggestions for how to handle this
> concept?

#1 01-09-2004, 09:45 PM

Any ideas on how to treat the account if it is a FSA??? My FSA allows me to
draw upon it starting January 1. As an example the account has $1200 on the
first of the year and I can draw it out as used even though I only put $100
/ month into the account. Any ideas or suggestions for how to handle this
concept?

Thanks

Ralph Lehman

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:#e7M7fh0DHA.2568[at]TK2MSFTNGP09.phx.gbl...
- quote -

> Sounds like you've got the drill down. I'm not sure there is any advantage
> calling them savings accounts vs. just a basic Cash account.
> "Allan Needell" <aneedell[at]verizon.net> wrote in message
> news:fLBJb.21290$nK2.11864[at]nwrddc01.gnilink.net...
> > Any pitfalls or tricks to tracking medical or childcare savings accounts
> > (pretax accounts)? Should I just create new accounts, call them savings
> > accounts and transfer pretax dollars from each paycheck into them, and
> then
> > transfer dollars from the accounts to my checking accounts as expenses
are
> > reimbursed?

01-03-2004, 03:38 PM

Sounds like you've got the drill down. I'm not sure there is any advantage
calling them savings accounts vs. just a basic Cash account.

"Allan Needell" <aneedell[at]verizon.net> wrote in message
news:fLBJb.21290$nK2.11864[at]nwrddc01.gnilink.net...
- quote -

> Any pitfalls or tricks to tracking medical or childcare savings accounts
> (pretax accounts)? Should I just create new accounts, call them savings
> accounts and transfer pretax dollars from each paycheck into them, and
then
> transfer dollars from the accounts to my checking accounts as expenses are
> reimbursed?

#-1 01-03-2004, 03:05 PM

All,

Any pitfalls or tricks to tracking medical or childcare savings accounts
(pretax accounts)? Should I just create new accounts, call them savings
accounts and transfer pretax dollars from each paycheck into them, and then
transfer dollars from the accounts to my checking accounts as expenses are
reimbursed?

Ben.

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