Benefits Limits for 2023

Each year, the IRS sets new limits for employee benefits plans and retirement plans. Please see below for Lake Effect’s ready reference chart setting forth the Benefits Limits for the 2023 tax year. A PDF of this information is available on the here.

 

2022 2023
Flexible Spending Accounts (FSAs)
Healthcare FSA max election (per year) (incl. LTD FSA) $2,850 $3,050
Healthcare FSA max rollover $570 $610
Dependent Care FSA max election (per year) (Single or Married Filing Jointly) $5,000 $5,000*
Dependent Care FSA max election (per year) (Married Filing Separately) $2,500 $2,500*
Transportation Benefits
Parking Account $280/mo $300/mo
Transit Account $280/mo $300/mo
High Deductible Health Plan Requirements to Contribute to an HSA
HDHP min annual deductible - Self-only $1,400 $1,500
HDHP min annual deductible - Family $2,800 $3,000
HDHP out-of-pocket max - Self-only $7,050 $7,500
HDHP out-of-pocket max - Family $14,100 $15,000
HSA max contribution limit - Self-only $3,650 $3,850
HSA max contribution limit - Family $7,300 $7,750
HSA catch up contribution limit (age 55+) $1,000 $1,000
ACA Plan Limits
Maximum Out-of-Pocket (Self-only or Individual in a Family) $8,700 $9,100
Maximum Out-of-Pocket (Family) $17,400 $18,200
QSEHRA (Qualified Small Employer Health Reimbursement Arrangement) – Max Employer contribution 
To Individual $5,450 $5,850
To Family $11,050 $11,800
Salary Thresholds for Non-discrimination Testing
Highly compensated employees $135,000 $150,000
Key employees $200,000 $215,000
Retirement Plans (401(k), 403(b))
Max employee elective contributions for those 49 and younger $20,500 $22,500
Max employer + employee contributions for those 49 and younger $61,000 $66,000
Max employee catch-up contributions for those 50+ $6,500 $7,500
Max employee elective contribution plus catch-up for those 50+ $27,000 $30,000
Max employer + employee contributions for those 50+ $67,500 $73,500

 

 


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info@le-hrlaw.com

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