IRS Releases 2020 Benefit Limits for FSA, Commuter, and QSEHRA

On November 6, 2019, the Internal Revenue Service announced in Revenue Procedure 2019-44  the annual inflation adjustments for more than 60 tax provisions for 2020, including the tax rate schedules, and other tax changes. This Revenue Procedure provides details about these annual adjustments:

Flexible Spending Accounts (FSA)

Annual maximum contributions for medical FSA increased to $2,750 from $2,700.

Parking and Transit

Monthly limit for qualified transportation/transit fringe benefit is $270 from $265.

Monthly limit for qualified parking is also $270 from $265.

QSEHRA

Maximum reimbursements for any year cannot exceed $5,250 for individuals and $10,600 for family coverage from $5,150 and $10,450, respectively.

Health Savings Accounts (HSA) – previously released in Revenue Procedure 2019-25

Self-only coverage

Annual minimum deductible $1,400

Maximum out of pocket $6,900

Maximum contribution $3,550

Family coverage 

Annual minimum deductible $2,800

Maximum out of pocket $13,800

Maximum contribution $7,100

Catch up $1,000

 

 

 

 

 

 

Copyright 2019

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