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Many employee benefits are subject to annual dollar limits which are adjusted for inflation by the IRS each year. Many limits will increase for 2024.
|
Limit |
2024 |
Change |
|
HSA Contribution Limit |
||
|
Self-only |
$4,150 |
Up $300 |
|
Family |
$8,300 |
Up $550 |
|
Catch-up contributions* |
$1,000 |
No change |
|
HDHP Minimum Deductible |
||
|
Self-only |
$1,600 |
Up $100 |
|
Family |
$3,200 |
Up $200 |
|
HDHP Out-of-Pocket Deductible |
||
|
Self-only |
$8,050 |
Up $500 |
|
Family |
$16,100 |
Up $1,100 |
|
Health FSA |
||
|
Limit on employees’ pre-tax contributions |
$3,200 |
Up $150 |
|
Carryover limit |
$640 |
Up $30 |
|
Dependent Care FSA* |
||
|
Tax exclusion |
$5,000 ($2,500 if married and filing taxes separately) |
No change |
|
Transportation Fringe Benefits (Monthly Limits) |
||
|
Transit pass and vanpooling (combined) |
$315 |
Up $15 |
|
Parking |
$315 |
Up $15 |
|
401(k) Contributions |
||
|
Employee elective deferrals |
$23,000 |
Up $500 |
|
Catch-up contributions |
$7,500 |
No change |
|
Limit on total contributions |
$69,000 |
Up $3,000 |
|
Adoption Assistance Benefits |
||
|
Tax exclusion |
$16,810 |
Up $860 |
*Limits that are not adjusted for inflation.
Employers should update their benefit plan designs and communicate the new limits to their employees. Download the bulletin for more details.