Which of the following is NOT true about a flexible spending account: flexible s

Question

Which of the following is NOT true about a flexible spending account:
flexible spending accounts are governed by the IRC
monies placed into a flexible spending account are taxable at year end only if used
monies placed into a flexible spending account are not taxable at year end regardless of whether they are used
monies placed into a flexible spending account are not taxed, but if not used, are lost to the employee
monies placed into a flexible spending account are used for eligible health or child care related expenses but are often overlooked and unused by eligible employees

Explanation / Answer

monies placed into a flexible spending account are used for eligible health or child care related expenses but are often overlooked and unused by eligible employees

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