Good news! With Rev. Proc. 2019-44 the IRS has announced the annual inflation adjustments for 2020, which include increased contribution limits for the following benefit accounts:
- Healthcare FSA annual contribution limit: $2,750 (increase of $50)
- Transit Account monthly maximum: $270/month (increase of $5)
- Parking Account monthly maximum: $270/month (increase of $5)
The annual limits for Dependent Care FSA will remain unchanged at $5,000 per year; $2,500 if married filing single.
Keep track of all current IRS limits at www.tasconline.com/benefits-limits.