Benefits & Healthcare Update: IRS Publishes Updated Health FSA Contribution Limit, Qualified Transportation Amounts
9 November 2015
On Thursday, October 21st, the Internal Revenue Service (IRS) published in Revenue Procedure 2015-53 increases to amounts that adjust annually for inflation, including the contribution limit for health Flexible Spending Accounts (FSA) and the pretax limits for certain Qualified Transportation Fringe Benefits.
For 2016, the limitation on employee contributions to health FSAs remains $2,550, the same as 2015. The 2015 monthly pretax limitation for transportation in a commuter highway vehicle and mass transit also remains the same as 2015, $130. The monthly pretax limitation for qualified parking has increased from $250 in 2015, to $255 in 2016.
Revenue Procedure 2015-53 is available online here: https://www.irs.gov/pub/irs-drop/rp-15-53.pdf
If you have any questions regarding health FSA contribution limits or qualified transportation amounts, please contact Ed Doherty at 646-839-8251 or via email at EDoherty@cammackhealth.com.