Are LPFSA IRS Limits Based upon per employer per year or just per year?

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Topic Author
TheFlats
Posts: 12
Joined: Mon Mar 05, 2018 8:20 pm

Are LPFSA IRS Limits Based upon per employer per year or just per year?

Post by TheFlats » Mon Feb 11, 2019 10:53 pm

Hello,

I am having an issue trying to find the answer to my problem, maybe someone else has run into this before.

I'll be leaving my current company in two weeks and had previously elected to withhold $1900 for 2019 LPFSA. Since I will lose this money once I leave my current job, I am considering going and buying several pairs of prescription eyeglasses prior to my last day. Let's say I spend $1,000 on three pairs of prescription eyeglasses tomorrow. So I'd have spent ~$1000 from 2019 LPFSA from the company I am leaving.

At the time of me leaving my job I would have contributed ~$200 of pre-tax money towards the the LPFSA.

When I start at my next job I will elect to withold $2500 for 2019 LPFSA and am intending to spent all this money this year.

In summary I would have elected to contribute $2700 (IRS Limit) towards 2019 LPFSA but would have spent a combined $3,500 from LPFSA... Will this even be an issue since the IRS seems only concerned about Contribution Limit? First time doing an LPFSA so not sure what the yearly tax documents I get at the end of the year will detail.

For reference... an LPFSA is a flexible spending account that one can contribute to on pre-tax basis if one is enrolled in a HDHP with an HSA. It can only be used on eligible vision/dental expenses.

Thank you

Topic Author
TheFlats
Posts: 12
Joined: Mon Mar 05, 2018 8:20 pm

Re: Are LPFSA IRS Limits Based upon per employer per year or just per year?

Post by TheFlats » Tue Feb 12, 2019 10:20 am

Bump please.

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