2020 IRS Contribution Limits Released

PUTTING PEOPLE FIRST

On Wednesday, the IRS announced new contribution limits for medical FSA, Commuter Benefit, and HSA plans for 2020.  The FSA contribution will increase to $2,750, a $50 increase from current limits. The HSA contribution limit for individuals with a high deductible health plan (HDHP) will likewise be raised from $3,500 for an individual and $7,000 for a family to $3,550 for an individual and $7,100 for a family.  The IRS also adjusted the contribution limits for adoption assistance programs, increasing the limit from $14, 080 to $14,300. The current and new contribution limits are listed below:

 

 20192020
Medical FSA Contribution Limit

$2,700$2,750
Monthly Commuter Benefits Contribution Limit$265$270
HSA Contribution Limit

 

Single:   $3,500

Family: $7,000

 

Single:   $3,550

Family: $7,100

Adoption Assistance Limit

 

$14,080$14,300

 

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