Prometheus (Greek: Î ÏÎ¿Î¼Î·Î¸ÎµÏÏ) is a Titan, culture hero, and trickster figure who in Greek mythology is credited with the creation of man from clay and the theft of fire for human use, an act that enabled progress and civilization. He is known for his intelligence, and as a champion of mankind.[1]
No. If you use your health care flexible spending account to pay for eligible expenses, you cannot deduct those same expenses from your federal income tax return. Keep in mind that by IRS law, you are only allowed to deduct medical expenses that exceed 10% of your gross income. The advantage of the health care flexible spending account is that you can get a tax benefit on health expenses below that threshold.
The effective date of the Flexible Spending Accounts is January 1, 2015. The first payroll deduction will begin with the pay of January 14, 2015. There will be 26equal deductions made for 12 and 9-month deferred employees and 20 equal deductions made for 9-month employees whose accounts begin at the start of the year.