Know your limits for 2024

Every year the IRS sets new limits for employee benefit plans, flexible spending accounts and retirement plan contributions.

Below is a snapshot of the 2024 limits created for the upcoming tax year.

ACA Plan Limits

Max Out-of-Pocket, EE Only $9,100 in 2023 | $9,450 in 2024

Max Out-of-Pocket, Family $18,200 in 2023 | $18,900 in 2024

Flexible Spending Accounts (FSAs)

Max Election $3,050 in 2023 | $3,200 in 2024

FSA Rollover $610 in 2023 | $640 in 2024

Dependent Care Max Election $5,000 in 2023 | $5,000 in 2024 ($2,500 if married filing separately)

Health Savings Account (HSAs)

Minimum Annual Deductible, EE Only (for eligibility) $1,500 in 2023 | $1,600 in 2024

Minimum Annual Deductible, Family (for eligibility) $3,000 in 2023 | $3,200 in 2024

Max Contribution Limit, EE Only $3,850 in 2023 | $4,150 in 2024

Max Contribution Limit, Family $7,750 in 2023 | $8,300 in 2024

Catch-up Contributions for those age 55+ $1,000 in 2023 | $1,000 in 2024

Retirement Plans (401k / 403b)

Max Employee Contributions $22,500 in 2023 | $23,000 in 2024

Max Employee Catch-up Contributions (55+) $7,500 in 2023 | $7,500 in 2024

Have questions? ExpeditionHR is here to support all of your end of year compliance and initiatives for 2024. Please let me know how we can help support you!