IRS FSA and Commuter Benefit Limits
The IRS recently announced the following new limits that are effective January 1, 2024.
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 2024 is expected to increase to $3,200.
Monthly Pre-Tax Commuter Benefit Limits:
The monthly pre-tax limit for parking and transit benefits will increase to be $315 per month effective January 1, 2024.