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.
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
Annual minimum deductible $1,400
Maximum out of pocket $6,900
Maximum contribution $3,550
Annual minimum deductible $2,800
Maximum out of pocket $13,800
Maximum contribution $7,100
Catch up $1,000