with our respective companies - accidentally - which is a no-no because the limit is $5K per family. I'm buddies with our VP of HR, so already seeing if my company can/will reverse the election. My wife works for a Dutch company that doesn't even have a US benefits person, so not expecting much help there.
Barring a change of election (if it's even legal), what I've read online is that not only would we be out the "extra" $5K election, but we'd have to pay taxes on it (even though we never received it). So we'd be out $7K total.
In a worst case scenario, I'm wondering what would happen if we both "used up" our election and then properly reported it at the end of the year? Would we just have to pay taxes on the extra $5K in that scenario or would the extra $5K "used up" have to be remitted to the IRS (which seems more likely but doesn't seem fair even in the rubric of taxes).
Any help would be appreciated. It's a large enough sum of money that I'd consider asking my company to fire me and rehire me to force a life change. Either that or I could divorce my wife...