The IRS is imposing a $2,500 limit on contributions for a flexible spending account as mandated by PPACA. When is the effective date for this rule?
A) Jan. 1, 2012
Incorrect. Try again!
B) Jan. 1, 2013
Correct!
The FSA limit is effective for plan years starting on or after Jan. 1, 2013. It does not apply for plan years that begin before 2013.
C) Jan. 1 2014
Incorrect. Try again!
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