On November 9, 2023, the Internal Revenue Service (IRS) published Revenue Procedure 2023-34 providing details of the revised benefit contribution limits for 2024. Of particular interest are the revised limits for healthcare flexible spending accounts, dependent care flexible spending accounts and transportation and parking fringe benefits.
- 2024 Healthcare flexible spending limit: $3,200.00
- 2024 Dependent care flexible spending limits:
- Married filing jointly or single parent – $5,000.00
- Married filing separately – $2,500.00
Note: The dependent care limits are established by statute, and not subject to inflation adjustment.
- Transportation fringe benefits
- Commuter highway vehicle & transit passes – $315
- Parking – $315
The full text of the IRS Revenue Procedure can be located here.
This article is informational and does not constitute legal or financial advice. Consult with an employment lawyer or accountant for additional clarification on how these changes impact your company.
