IRS FSA and Commuter Benefit Limits

The IRS recently announced the following new limits that are effective January 1, 2021.

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 2022 will increase to $2850.   

Monthly Pre-Tax Commuter Benefit Limits:

The monthly pre-tax limit for  parking and transit benefits will continue to be $280 per month effective January 1, 2022.