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IRS Announces 2017 Limits for Health FSAs and Transit Benefits | PA Benefit Advisors

1104On October 25, 2016, the Internal Revenue Service (IRS) announced annual inflation adjustments for more than 50 tax provisions, including an increase in voluntary employee contributions to employer-sponsored healthcare flexible spending arrangements (HFSAs) to $2,600 for plan years beginning in 2017, up from the 2016 limit of $2,550.

The IRS also announced there will be no change in the monthly limits for qualified transportation fringe benefits under ยง 132(f). For transportation in a commuter highway vehicle and any transit pass, the limit remains at $255. The monthly limit for qualified parking also is $255.

Details of this announcement can be found in the Revenue Procedure 2016-55, which is scheduled to be published in final format in early November.


Originally published by ThinkHR – Read More