The IRS just released inflation-adjusted items for 2019. Below are the new amounts effective January 1, 2019.
Flexible Spending Accounts
Health FSA
For 2019, the dollar limitation on employee salary reduction contributions to a Health Flexible Spending Account (Health FSA) will increase by $50 to $2700 per plan year.
Adoption Assistance FSA
The maximum amount that may be excluded from an employee’s gross income under an employer-provided adoption assistance program for the adoption of a child will increase to $14,080 for 2019.
Qualified Small Employer Health Reimbursement Arrangement
To qualify as a qualified small employer Health Reimbursement Arrangement (HRA), the total amount of payments and reimbursements cannot exceed $5,150 for single coverage and $10,450 for family coverage.
Commuter Plan – Parking & Transit Account
The maximum monthly contribution amount for both the Parking and Transit Accounts will increase by $5 to $265 for 2019.
Retirement Plans
For 401(k), 403(b) and most 457 plans, the 2019 elective deferral limit will increase to $19,000. The catch-up contribution limit for employees ages 50 and over who participate in 401(k), 403(b), and most 457 plans will continue at $6,000.
For IRAs, the contribution limit goes up by $100 from $5,500 to $6,000. The IRA catch-up contribution limit remains unchanged at $1,000.
The limitation used in the definition of highly compensated employees for 2019 will increase from $120,000 to $125,000.