IRS Releases Inflation-Adjusted Items for 2020
Below please find the new amounts effective January 1, 2020:
Flexible Spending Accounts
- Health FSA – increase by $50 to $2,750 per plan year.
- Adoption Assistance FSA – the maximum amount that may be excluded from an employee’s gross income increases to $14,300.
Commuter Plan – Parking & Transit Account
- The maximum monthly contribution amount will increase by $5 to $270.
Qualified Small Employer Health Reimbursement Arrangement
- To qualify as a qualified small employer Health Reimbursement Arrangement, the total amount of payments and reimbursements cannot exceed $5,250 for single coverage and $10,600 for family coverage.