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Only medical expenses that exceed 7.5% of your Adjusted Gross Income (AGI) can be deducted on your income tax form. FSAs are federal tax free from the first dollar; you do not have to meet the 7.5% AGI threshold before receiving the tax savings. Money set aside through an FSA is also exempt from FICA taxes. This exemption is not available on your federal income tax return.
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Why should I use a Flexible Spending Account (FSA) for reimbursement rather than deducting the expenses on my income tax return?
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