IRS FSA and Commuter Benefit Limits

The IRS recently announced the following new limits that are effective January 1, 2020.

2020 Annual Limit for Flexible Spending Accounts (FSAs):

The annual maximum  amount you can contribute on a pre-tax basis to a Health Care Flexible Spending Account or a Limited Purpose Flexible Spending Account in 2020 is increasing from $2,700 to $2,750.    The 2020 benefits enrollment system has been updated to reflect the new limit for elections made during annual enrollment.

2020 Monthly Pre-Tax Commuter Benefit Limits:

The monthly pre-tax limit for  parking and transit benefits is increasing from $265 to $270 per month effective January 1, 2020.