IRS UPDATE: 2024 CONTRIBUTION LIMITS
On November 9, 2023, the IRS released the 2024 Health FSA / Limited Purpose FSA and Commuter Benefits maximum contribution limits.
There are no changes to dependent care flexible spending account (DC FSA) limits for 2024. The contribution limit will remain at $5,000.
For Health FSA plans that permit the carryover of unused amounts, the maximum carryover amount for 2024 is $640, an increase of $30 from the original 2023 carryover limit.
| Contribution Limits 2023 | Contribution Limits 2024 |
|---|---|
| Medical FSA Annual Contribution Limits | Medical FSA Annual Contribution Limits |
| $3,050 | $3,200 |
| Commuter Benefits Monthly Contribution Limits | Commuter Benefits Monthly Contribution Limits |
| $300 | $315 |
| Qualified Small Employer Health Reimbursement Arrangement | Qualified Small Employer Health Reimbursement Arrangement |
|
Self only - $5,850 Family -$11,800 |
Self only - $6,150 Family - $12,450 |
Click here for the IRS Release - Rev. Proc. 2023-34
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