Which is NOT a QLE?

A Qualifying Life Event is an event defined by the Internal Revenue Service that allows you to change your Flexible Spending Account election.

A. Change in your legal marital status
B. Earning an advanced degree
C. Death of a dependent
D. Change in your number of tax dependents

<< scroll down to see the answer >>

B. Earning an advance degree

A Qualifying Life Event (QLE) is a major life event that allows you to change your election during the Benefit Period and is defined by the Internal Revenue Service in Section 125. QLE allows you to change your FSA election. QLEs include:

• Change in your legal marital status (i.e., marriage, legal separation, divorce, or death of your spouse)
• Change in your number of tax dependents
• Birth of a child or date you adopt a child, or placement for adoption
• Death of a dependent
• Change in your dependent's eligibility (for example, your child reaches age 13 where he/she is no longer eligible under a DCFSA)
• Change in child care/elder care provider or cost or coverage, such as a significant cost increase charged by your current daycare provider, or a change in your daycare provider. This applies to a DCFSA only. It does NOT apply to a HCFSA or LEX HCFSA.
• Change in employment status (for employee, spouse, or employee’s dependent) that affects eligibility for health insurance benefits
  

Note: A dependent is anyone you claim on your Federal Income Tax return or someone who jointly files a Federal Income Tax return with you.

Source: www.fsafeds.com/forms/qscfact.pdf

Posted by Jeff Rae on Dec 08, 2011 at 10:32 AM