Exceeded Flex Benefits allowance?

Question

I have a flex benefits plan at work, Section 125....I under estimated my medical / dental expenses by about $1000. Is there a way I can still deduct these? I do not itemize.

Answer 1

/ Yes, you can deduct medical expenses which are not covered by the Flex account.

You can not deduct anything which was covered by the Flex account because the Flex account itself is the deduction.

Answer 2

The excess over what your FSA covers is an eligible medical expense. But to deduct medical expenses, you have to itemize, and can only include the portion of your medical expenses that exceeds 7.5% of your adjusted gross income. If you don't itemize, then no, there's no way to deduct these.

Answer 3

Unless your plan allows you to make a "top up" contribution by the end of the year, there's no way you can get any tax benefit unless you itemize. I've never seen a plan that allows that and frankly don't know if it's even legal.