Tax Savings Accounts
Tax-advantaged accounts can help you save money on everyday expenses. Explore your options below to find the plan that fits your needs.
If you enroll in the group’s High-Deductible Health Plan (HDHP) you are eligible to participate in the Health Savings Account (HSA) offered through Optum. This allows you to contribute tax-free contributions to pay for expenses not covered by the firm’s health plan. These expenses may include out-of-pocket expenses such as deductibles, copayments, or coinsurance. HSAs are a particularly useful financial tool in saving for future medical expenses, even those incurred during retirement.
| Single | Family | |
|---|---|---|
| Maximum Contribution | $4,500* | $9,000* |
| Catch-Up Contribution (age 55+) | $1,000 | $1,000 |
| Forvis Mazars Match | up to $500 | up to $1,000 |
- Contributions are tax-deductible for W-2 earners
- Funds may be invested and earnings are tax-free
- Withdrawals are tax-free when used for qualified medical expenses and your funds are always yours and follow you if you were to leave the firm
To assist you with the growth of your HSA, Forvis Mazars will match dollar for dollar up to $500 for Employee-Only coverage or $1,000 for Employee + Dependent(s) coverage.
For example: If you elect Employee Only HDHP and choose to contribute $30 twice a month, Forvis Mazars will also contribute $30 twice a month up to $500. If you are covering at least one dependent on your HDHP plan, and choose to contribute $1,000 from your first payroll of the year, Forvis Mazars will match the annual contribution during that first payroll as well. Employees hired during the calendar year are eligible for the full firm matching contribution.
*Partners and Principals are not eligible for HSA Match
*The Maximum Contribution amount includes any matching funds provided by Forvis Mazars
NOTE: Due to IRS guidelines, it is typically recommended that you stop making HSA contributions at least six months before applying for Medicare, and limit HSA contributions during that period to the prorated amount (annual maximum divided by number of months you are eligible). Please consult your tax expert for additional information or questions.
You contribute pretax dollars to the HSA. Interest accumulates tax-free, and funds are withdrawn tax-free to pay for medical expenses.
You can use the money in your HSA to pay for eligible medical expenses and prescriptions. The HSA funds you use can help you meet your plan’s annual deductible.
Save unused HSA funds from year to year — you can use this money to reduce future out-of-pocket health expenses. You can even save HSA dollars to use after you retire.
|
Health Care FSA |
Limited Purpose Health FSA |
Dependent Care FSA |
|
|---|---|---|---|
| Maximum Contribution | $3,500 | $3,500 | $7,500 |
| Qualified Expenses | Qualified Medical, Dental and Vision | Qualified Dental and Vision | Childcare (up to age 13) or Adult Dependent with Disability |
| Use it or Lose it | After $680 rollover | After $680 rollover | Yes |
| Medical Plan Pairing | Choice Plus plan or no plan | High Deductible plan | Any medical plan or no medical plan |
Health Care FSA plans cover certain out-of-pocket expenses when the Choice Plus medical option is chosen. Pre-tax dollars are deducted through payroll and available throughout the year through a debit card for eligible health expenses such as co-pays, deductibles, prescriptions, dental, and vision expenses as well as other medically necessary expenses not covered by insurance.
The 2027 IRS contribution limit is $3,500.
You may roll over up to $680 of your unused health FSA funds at the end of 2027.
Please take extra care in planning your contribution amount to avoid forfeiture of unused funds above this amount.
You are not required to enroll in Forvis Mazars’ medical plan to enroll in the Health Care FSA.
If you are enrolled in the HDHP medical option, you may enroll in the Limited Purpose. This tax-savings option also allows for pre-tax deductions to assist with eligible expenses and funds are available through a debit card. However, since you are enrolled in the HDHP medical option, your FSA funds may only be used for dental and vision expenses.
The 2027 IRS contribution limit is $3,500.
You may roll over up to $680 of your unused health FSA funds at the end of 2027.
Please take extra care in planning your contribution amount to avoid forfeiture of unused funds above this amount.
A Dependent Care FSA is a smart way to reduce your overall tax burden while funding eligible dependent care expenses for children under the age of 13, or a physically or mentally impaired dependent over the age of 13, to allow you to work. Examples of eligible expenses include before and after school care, daycare, nursery school and preschool and summer day camps. The 2027 IRS contribution limit for Dependent Care FSA is $7,500 per household or $3,750 if you are married and filing separately.
Funds do not rollover to the next year so take extra care to plan your contribution carefully to avoid forfeiture of unused funds.
Frequently Asked Questons
The main benefit of an FSA is that the money you contribute is deducted from your pay on a pretax basis. Therefore, your taxable income is less. So, when you use your FSA funds, it’s like you’re saving about 30 cents on every dollar you spend.
It’s quite simple really. You contribute, spend and save.
- Contribute – Estimate the amount you expect to spend during the plan year on eligible out-of-pocket expenses. Out-of-pocket expenses are those not covered by insurance or any other plan. Select the FSA (health care, dependent care, and/or Limited Purpose) that’s right for you and choose how much you want to contribute. Your employer will deduct that amount from your paycheck in equal amounts each pay period. These deductions are pretax. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). Below are the 2027 limits.
- Health Care FSA contribution limit – $3,500
- Limited Purpose FSA contribution limit – $3,500
- Dependent Care FSA contribution limit -$7,500
- Spend – Once funds are in your FSA, you can use your account debit card to pay for your eligible expenses.
- Save – Your FSA contributions are tax-free. So when you use your FSA funds on eligible expenses, you end up saving about 30 cents on every dollar you spend.
Once funds are in your FSA, you can use your debit card to pay for your eligible expenses. Or you can simply pay with cash, check or credit card, and then submit a claim to pay yourself back.
If a transaction meets any of the following requirements, it is auto substantiated and should not prompt for a receipt:
- Transaction amount is a copay amount – if the transaction amount totals an even number in increments of $5.00 (e.g. $20.00, $25.00, $30.00) the Benepass system assumes these are copays and approves them.
- Transaction is at a 90% merchant – “90% merchants” are merchants that SIGIS (a non-profit that helps enforce and inform FSA eligibility over card networks) has certified as having at least 90% of their sales eligible under FSA/HSA rules. Because the vast majority of what they sell is eligible, transactions at those merchants can be approved under the 90% rule configuration. This is an industry standard based on a formal list of merchants.
- Transaction is at specifically allowed Merchant Category Code (MCC) – card transactions over the Visa network carry an MCC to identify the type of business they conduct, and Benepass can allow these umbrella groupings so any merchant with this MCC is auto-substantiated.
- Transaction is at a specifically allowlisted merchant – card transactions over the Visa network carry merchant name & ID details that are also periodically allowed if they don’t fall into an allowed MCC.
If a transaction does not meet any of these requirements, then a receipt will be requested.
The IRS considers an expense to be “incurred” at the time you receive the care, service or supply. It’s not when you’re billed or pay for the expense.
Example:
- You enrolled in a health care and dependent care FSA that’s effective January 1 through December 31 of this year. Eligible expenses that you incur during this period can be reimbursed.
- You received health care services in December of last year. You paid for those services in February of this year. This expense can’t be reimbursed because you incurred the expense before the start of the FSA plan year.
- You had dental work done in January of this year. You prepaid for the work last December. Though you paid for the work last year, you receive the dental treatment this year. This means the expense can be reimbursed from your FSA.
- You paid for summer day camp in March. Camp begins July 15 and ends July 22. The expense is considered “incurred” on July 22. This means you can be reimbursed from your dependent care FSA for the cost of camp after July 22.
The IRS allows employers to give Health Care FSA owners until March 31 of the following year to submit eligible expenses incurred in the prior plan year.
You may submit claims with Benepass up to 90 days after your termination date for expenses incurred on or prior to your termination date.
Forvis Mazars offers Qualified Transportation Expense (QTE) benefits to help you manage eligible parking and commuting expenses. Administered through Benepass, these benefits allow you to contribute pre-tax dollars through payroll deductions and use those funds for qualified transportation expenses. Parking and Mass Transit/Commuter options are available, providing valuable tax savings and a convenient way to pay for work-related commuting costs.
The IRS only allows for expenses used in the course of business. You may not use these funds for parking at or commuting to sporting events, concerts or other non-work-related activities.
|
Maximum Monthly Contribution |
|
|---|---|
| Parking | $350 |
| Mass Transit/Commuter | $350 |
These expenses are typically incurred when the employee makes their own parking arrangements with a parking lot or garage if not already paid for by the firm.
Mass transportation, such as subways or rails, transit passes, tokens, fair cards are examples of expenses allowed under the Commuter QTE benefit. Commuter vehicles may also be covered if they seat at least six individuals and 80% of the mileage must be used for transporting individuals to and from work.
Yes, QTE is a benefit that can be changed at any time. Changes will take effect the first of the month following the latter of the event date or the submission date. For detailed instructions, use the update guide in the Key Resources section of this page.
Administered by Benepass, a Flexible Spending Account (FSA), a Health Spending Account (HSA), and a Qualified Transportation Expenses (QTE) is a tax savings tool for approved expenses.
