IRS Announces 2020 Contribution Limits

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.