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The IRS released 2023 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits, and more as part of Revenue Procedure 2022-38. Limits are adjusted annually to reflect inflation.Â
2022 | 2023 |
$2,850 per year | $3,050 per year |
2022 | 2023 |
$570 per year | $610 per year |
2022 | 2023 |
$280 per month | $300 per month |
2022 | 2023 |
$14,890 per year | $15,950 per year |
The maximum amount that may be excluded from an employee’s gross income for the adoption of a special needs child through an adoption assistance program is $15,950. That amount is the same as what may be excluded from that employee’s gross income for expenses incurred by an employer for qualified adoption expenses within the program.
The available adoption credit begins to phase out for taxpayers with modified adjusted gross income in excess of $239,230 and is completely phased out for taxpayers with modified adjusted gross income of $279,230 or more.
QSEHRA | 2022 | 2023 |
Self-only | $5,450 per year | $5,850 per year |
Family | $11,050 per year | $11,800 per year |
HSA | 2022 | 2023 |
Self-only | $3,650 per year | $3,850 per year |
Family | $7,300 per year | $7,750 per year |
HDHP (self-only coverage) | 2022 | 2023 |
Minimum deductible:Â | $1,400 | $1,500 |
Maximum out-of-pocket limit:Â | $7,050 | $7,500 |
HDHP (family coverage) | 2022 | 2023 |
Minimum deductible:Â | $2,800 | $3,000 |
Maximum out-of-pocket limit:Â | $14,100 | $15,000 |
2022 | 2023 |
$20,500 per year | $22,500 per year |
Would you like to learn more about medical FSAs? FSA Store’s Rida Wong shared eight things you should know about medical FSAs on a recent episode of Benefits Buzz.
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.Â
WEX receives compensation from some of the merchants identified in its blog posts. By linking to these products, WEX is not endorsing these products.Â
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