Systems for automated identification and processing of qualifying expenses for tax-advantaged accounts and automated initiation of related account transactions

US8392310B1 · kind B1 · utility

Assignee

• Tango Health, Inc. · US

Inventors

• Christopher T. Praisner · Austin, US
• Duncan P. Van Dusen · Austin, US
• Mark Adams · Austin, US
• Melissa LoBiondo · Austin, US
• Michael McNally · Glendale, US
• William Michael Smith · Norcross, US

Key dates

• Filing date: Nov 11, 2010
• Grant date: Mar 5, 2013
• Expiry date: Apr 8, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/02
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Systems and methods are disclosed for automated identification and processing of qualifying expenses for tax-advantaged accounts and automated initiation of related account transactions for automated management of those tax-advantaged accounts. In part, the disclosed embodiments: identify expenditures which are eligible for tax-advantaged payment, withdrawal or reimbursement from a limited-purpose tax-advantaged account; store records with relevant details of expenditures to demonstrate eligibility for favorable tax treatment; calculate the amount of and executing contributions to limited-purpose tax-advantaged accounts as a function of account holder preferences, statutory limits and prospective or prior qualifying expenditures from other accounts; identifying withdrawals from limited-purpose tax-advantaged accounts which do not qualify for the tax advantage and restoring those monies to the account or offsetting them against amounts otherwise reimbursable from the account; and automatically reimbursing the account holder from his limited-purpose tax-advantaged account as a function of account holder preferences, information about qualifying expenditures made from another account …