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BREAKING NEWS: IRS Announces 2024 Health FSA Contribution Cap

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As most organizations are already in the thick of annual benefits enrollment, the IRS announced today that employees can funnel an extra $150 into their health flexible spending accounts (FSAs) next year.

The annual contribution limit is rising to $3,200 in 2024, up from $3,050 in 2023. If the employer's plan permits the carryover of unused health FSA amounts, employees can carry over up to $640 in 2024. That's up $30 over the 2023 carryover amount, which is $610.

The FSA announcement comes on the heels of the IRS's announcement for the 2024 401(k) annual contribution limit, released Nov. 1.

The IRS released a variety of other inflation-related modifications, including higher federal tax brackets for next year.
 
 

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