FSA changes midyear with qualifying event?

[ender]

We're having a baby this year. Yay!

I'm probably getting PRK (which is like Lasik) this year too. But I only put $500 in my limited purpose FSA.

As I understand, having a kid should mean that we can make changes to the FSA midyear - this would enable me to put whatever PRK costs into the FSA in the latter part of this year and then withdraw what it costs completely tax free, right?

I'd have to pay out of pocket if I do it before kiddo and then reimburse myself.

Am I missing something?

[DizzyDaisies]

Congratulations on your new baby!

For 2021, the IRS is allowing mid year changes to FSA contributions without a qualifying event, provided that your employer is also allowing it. Mine is, which is nice. So you might be able to make the change now and then have the money already in your account when you have your procedure done.

[dandarc]

Congratulations and thanks for the reminder - I must schedule an eye appointment so I can "stick it to the man" a little bit on FSA funds when I leave in a couple months.

[ender]

Congratulations on your new baby!

For 2021, the IRS is allowing mid year changes to FSA contributions without a qualifying event, provided that your employer is also allowing it. Mine is, which is nice. So you might be able to make the change now and then have the money already in your account when you have your procedure done.

Looks like ours did for 2020 but not 2021. Good idea though!

Works nicely to have a baby this year then, lol.