Leftover FSA funds; what to do?

Thanks to planning for a dental implant I didn't have, I have a hunk of cash on my Flex Spending Account that I won't be spending by the year's end. My company doesn't participate in the grace period, either. I've looked over what's eligible, and I'm already planning on buying a bunch of sunscreen, Chillows, whatever isn't totally tacky and giving them as stocking stuffers. Also going to get Rx Sunglasses and a backup pair of regular specs. But I'll still have some leftover. I'm wondering if anyone has any clever ideas to recover as much as possible.

Do you think it would be advisable to purchase some fancy first aid kits, blood pressure monitors, or some other eligible (non-Rx) items and eBay them? Or to call up my local Red Cross or volunteer EMS, ask what kinds of supplies they need, and donate them for a tax writeoff?

Any other thoughts?

danielle5985 said:   Or to call up my local Red Cross or volunteer EMS, ask what kinds of supplies they need, and donate them for a tax writeoff?

Any other thoughts?

This is a good idea for the philanthropy of it, but unfortunately, you won't be able to write-off the donation (that'd be double dipping ).

Also, if you go to drugstore.com they have an fsa section where you can just browse to see if there's anything you may need in the future, or anything you want to give as gifts.

And if you have so much that you can't really spend it on misc items, consider getting a checkup or perhaps have some procedure done early. As an example, I know colonoscopies are supposed to be done when you turn 50; if you're close to that now, it would be good to get that out of the way.

How much do you have? A couple hundred may seem like a lot but it goes pretty quick when you start "stocking up."

alphasux said:   How much do you have? A couple hundred may seem like a lot but it goes pretty quick when you start "stocking up."

Implants usually cost about $1500. I had to have a bone-graft redone and didn't find out until a few months ago, and they typically need 6 months to set. So yeah, about $1200

danielle5985 said:   jetsfan92588 said:    You won't be able to write-off the donation (that'd be double dipping ).

Of course I don't want to do anything morally questionable, but is this really against IRS rules? I figure with a use-it-or-lose-it policy and a discount only if you've spent it, they look at it like it's my own money.

You can generally only take charitable deductions for contributions of money you've paid taxes on. Since the money in the FSA is pre-tax, you can't take a deduction for the donation.

Also, remember that selling the items would subject you to taxes on all the proceeds of the sale (because the COGS is essentially 0), but that's still better than letting it disappear (that may be considered an improper use of the FSA though, so you'd want to be careful with that).

Lasik

You can also buy condoms, but surprisingly not Plan B.

Pre-pay a gym membership? (you would need an Rx from a physician)
ETA:
Message therapy
Personal trainer

kami333 said:   You can also get your physician to write you a prescription for FSA purposes for OTC medication.

Aren't blood glucose strips still exempt? Anyone wonder why they took OTC out of the program please explain.

Ask doctor to write you a note for Humidifier.

pre-pay dentist ?

After reviewing an online list, some I hadn't considered:

Chiropractor
Transportation
Bandages & other First Aid items

One I hoped would be eligible but isn't: Dental Whitening

bkantanen said:   Don't forget vision expenses. Get an exam and glasses or contacts. Prescription sunglasses are covered too.

Mentioned in OP that this was already planned.

jetsfan92588 said:   danielle5985 said:   Or to call up my local Red Cross or volunteer EMS, ask what kinds of supplies they need, and donate them for a tax writeoff?

Any other thoughts?

This is a good idea for the philanthropy of it, but unfortunately, you won't be able to write-off the donation (that'd be double dipping ).

Also, if you go to drugstore.com they have an fsa section where you can just browse to see if there's anything you may need in the future, or anything you want to give as gifts.

And if you have so much that you can't really spend it on misc items, consider getting a checkup or perhaps have some procedure done early. As an example, I know colonoscopies are supposed to be done when you turn 50; if you're close to that now, it would be good to get that out of the way.

Went to drugstore.com and picked up a few first aid kits for christmas gifts. Picked up preg test, prenatal vitamins and other items for the future children.

I bought a really nice blood pressure monitor, scanned the receipt and then took it back.

I'm in the same situation.

bpd67 said:   I bought a really nice blood pressure monitor, scanned the receipt and then took it back.

Will this work, when there is no scanning the receipt is required? In my company we have Visa card tied to the FSA funds.

TiredOfTaxes said:   I'm in the same situation.

bpd67 said:   I bought a really nice blood pressure monitor, scanned the receipt and then took it back.

Will this work, when there is no scanning the receipt is required? In my company we have Visa card tied to the FSA funds.

I have a Visa card but you can mail in a reimbursement too. Not sure if you'll have that option but I would assume so.

Just to be clear, it may work in the sense that nobody would find out; however, this would definitely be considered misuse of the FSA and if caught would subject you to income tax plus fees and interest (including the additional 20% fee). Additionally, doing something like that and getting caught may even subject you to criminal penalties.

Dental mouth guard for teeth grinders or for sports...uses up about $150 after dental coverage if no dental coverage can use up about $400 -$450 of FSA money.
All dental work is a good use - cleaning and polishing, etc. or xrays...dont think teeth whiting counts as this is cosmetic.

For eyeglass users - prescription sunglasses and extra pairs of eye glasses or years worth of daily use contacts and solutions.

JaxFL said:   kami333 said:   You can also get your physician to write you a prescription for FSA purposes for OTC medication.

Aren't blood glucose strips still exempt? Anyone wonder why they took OTC out of the program please explain.

It's part of an overall effort to drive up individuals' health-care costs as much as possible to make government-run healthcare more appealing.

Chris.

I didn't see anyone mention mileage to all of those doctor visits and prescription pickups. I had money left over and put it on that. I just submitted a PDF of google maps for each trip and calculated the mileage. The rate changed mid year, by the way.

It is was quickly approved an now in my BOA account.