Hunt Valley, MD (PRWEB) November 04, 2014
The IRS has announced a new 2015 inflation-adjusted annual contribution limit for health flexible spending accounts (FSAs) in Rev. Proc. 2014-61.
The FSA contribution limit for general purpose and limited purpose FSAs has been increased by $50 to $2,550 for plan years beginning January 1, 2015. This is the second modification to health FSA contribution limits since the Patient Protection and Affordable Care Act (PPACA) changed the annual limit to $2,500 in 2010. PPACA specified that beginning in 2014, the annual maximum limit would be adjusted based on increases in the Consumer Price Index.
Dependent Care FSA limits are not affected by this change. The current limit for dependent care FSAs is $5,000 for couples who are married and file a joint return, as well as single parents. Couples who are married but file separately can put a maximum of $2,500 each into a Dependent Care FSA.
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