You can contribute up to $2,750per year per employeras of tax year 2021, increasing to $2,850 in 2022. Funds can be used to pay medical expenses that are generally the same as authorized in IRS Publication 502. Money in an FSA account is a use-it-or-lose-it situatio...
IRS Publication 590 provides detailed information on the tax implications of Individual Retirement Accounts (IRAs) such as contribution limits and required minimum distributions. Traditional IRAs allow tax-deductible contributions, but there are annual limitations and exceptions. Roth IRAs are similar to tr...
U.S. citizens or resident aliens and must meet the residency requirements specifying that children must have lived with the tax filer for at least half of the year. IRS Publication 972 outlines the requirements for child tax credits. For additional children see Additional Child Tax Credit (above...