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Can you use FSA funds for prior year expenses?
No, you cannot use FSA funds for prior year expenses.
Can you use FSA funds for expenses from previous years?
No, you cannot use FSA funds for expenses from previous years. FSA funds are meant to be used for eligible expenses incurred during the plan year in which the funds were contributed.
Can I use my 2022 FSA funds for expenses incurred in 2021?
No, you cannot use your 2022 FSA funds for expenses incurred in 2021.
Can I use my 2021 FSA funds for expenses incurred in 2020?
No, you cannot use your 2021 FSA funds for expenses incurred in 2020. FSA funds must be used for expenses incurred in the same plan year.
Can you use FSA funds to pay for expenses from previous years?
No, you cannot use FSA funds to pay for expenses from previous years. FSA funds are meant to cover eligible medical expenses incurred during the plan year in which the funds were contributed.
Can you use FSA funds for prior year expenses?
No, you cannot use FSA funds for prior year expenses.
Can you use FSA funds for expenses from previous years?
No, you cannot use FSA funds for expenses from previous years. FSA funds are meant to be used for eligible expenses incurred during the plan year in which the funds were contributed.
Can I use my 2022 FSA funds for expenses incurred in 2021?
No, you cannot use your 2022 FSA funds for expenses incurred in 2021.
Can I use my 2021 FSA funds for expenses incurred in 2020?
No, you cannot use your 2021 FSA funds for expenses incurred in 2020. FSA funds must be used for expenses incurred in the same plan year.
Can you use FSA funds to pay for expenses from previous years?
No, you cannot use FSA funds to pay for expenses from previous years. FSA funds are meant to cover eligible medical expenses incurred during the plan year in which the funds were contributed.
What is the UTMA age of termination in North Carolina?
In North Carolina, the Uniform Transfers to Minors Act (UTMA) sets the age of termination at 21 years old. At this age, the minor gains full control over the funds and assets held in the UTMA account. Prior to reaching this age, a custodian manages the account on behalf of the minor. However, the custodian can use the funds for the minor's benefit until they reach the age of termination.
Can you use FSA funds for dental expenses?
Yes, you can use FSA funds for dental expenses such as cleanings, fillings, braces, and other eligible treatments.
Can the custodian of a UTMA ever take the money way from the minor?
Under the Uniform Transfers to Minors Act (UTMA), the custodian manages the account until the minor reaches the age of majority, at which point the assets are transferred to the minor. The custodian cannot take the money away from the minor for personal use; their role is to manage the funds in the best interest of the minor. However, the custodian can make withdrawals for the minor's benefit, such as for education or other necessary expenses. Once the minor reaches the designated age, they gain full control over the funds.
Can I use my current year FSA funds to cover expenses from a prior year?
No, you cannot use current year FSA funds to cover expenses from a prior year.
How does having a UTMA account affect eligibility for FAFSA financial aid?
Having a UTMA account can impact eligibility for FAFSA financial aid because the funds in the account are considered assets of the student, which can reduce the amount of aid they receive.
Can I use my FSA for previous year expenses?
No, you cannot use your FSA for previous year expenses. FSAs are meant to cover eligible expenses incurred during the plan year in which the funds are contributed.
Can you use FSA money for expenses from previous years?
No, you cannot use FSA money for expenses from previous years. FSA funds must be used for eligible expenses incurred during the plan year.
