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The following worksheet will help you estimate your potential tax savings by signing up for a Flexible Spending Account.
For most individuals, the tax savings from using a Health Care Reimbursement Account will significantly exceed the tax credit allowed if you claimed these expenses on your income tax form. Without an FSA, you can only deduct health care expanses that exceed 7.5% of your Adjusted Gross income on your income tax form. Because FSAs are tax free from the first dollar you do not have to meet the 7.5% minimum in order to receive the tax advantage.