The IRS announced today that the health flexible spending account (FSA) cap for 2024 is $3,200, a $150 increase from 2023. For cafeteria plans that permit carryover funds, the maximum carryover amount is $640, a $30 increase from the current-day limit. The dependent care FSA limit remains at $5,000 for 2024.
Recently, the IRS released 2024 401(k) contribution limits, allowing individuals to contribute as much as $23,000 into their pre-tax retirement savings plan. The 2023 maximum is $22,500. The annual 401(k) catch-up contribution for individuals 50 and over remains at $7,500.
For additional information, contact your Bukaty benefits consultant.
