The IRS has officially announced, under Revenue Procedure 2023-34, the 2024 flexible spending account (FSA) and commuter limits.

FSA Limits

• The Health Care (standard or limited) FSA annual maximum plan contribution limit will increase from $3,050 to $3,200 for plan years beginning on or after January 1, 2024.
• The Health Care (standard or limited) FSA rollover maximum limit will increase from $610 to $640 for plan years beginning on or after January 1, 2024.
• The Dependent Care FSA maximum for 2024 is not subject to inflation (not included in Revenue Procedure 2023-34) and will remain at $2,500 for those married and filing separately and $5,000 for those single or married filing jointly.
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Commuter Accounts Limits

• The transit account monthly pre-tax contribution limit (combined participant and employers) will increase from $300 to $315 in 2024.
• The parking account monthly pre-tax contribution limit (combined participant and employers) will increase from $300 to $315 in 2024.
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Looking Ahead

With open enrollment beginning for many employers, these limits can help employers think about their benefit plan and consider if they want to make any changes for their upcoming plan year.

You can access up-to-date statutory limit information year-round at www.ebcflex.com/PlanLimits.