IRS Releases Publications 502, 503, and 969

The IRS has updated and released its Publication 502 Medical and Dental Expenses. The publication answers questions about eligible contributors and defines qualified dependents and spouse. The main content identifies expenses that may be reimbursed or paid by health flexible spending arrangements (FSAs), health savings accounts (HSAs), or health reimbursement arrangements (HRAs), or covered on a tax-favored basis under other group health plans (e.g., employer-sponsored medical plans).

While IRS Publication 502 provides a list of qualifying expenses under tax-favored accounts, IRS Publication 969 Health Savings Accounts and Other Tax-Favored Health Plans dives deep into the mechanics of these plans. Here you will find information on how new regulations impact these accounts, annual limits and maximums, eligibility, and coordination of benefits.

IRS Publication 503 Child and Dependent Care Expenses has also been updated and released. The publication explains the requirements that taxpayers must meet to claim the dependent care tax credit (DCTC) for child and dependent care expenses. Details on dependent eligibility and income testing eligibility are included.

_{SOURCE: United Benefit Advisors (UBA)}