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2023 FSA and 401k Limits Announced

October 24, 2022

2023 FSA Limits

Just in time for open enrollment.  The IRS has announced that employees can put an extra $200 into their health care flexible spending accounts (health FSAs) next year.  The annual contribution limit will increase to $3,050, up from $2,850 in 2022.  The dependent care flexible spending account limit will remain at $5,000.

If your employer’s plan permits the carryover of unused health FSA amounts, the maximum carryover amount rises to $610, up from $570.

2023 401(k) Contribution Limits

In addition to increasing FSA limits, the IRS has issued increased 401(k) limits for 2023.  Employees may contribute up to $22,500 in 2023 (up from $20,500 in 2022) with plan participants age 50 or older able to contribute an additional $7,500 (up from $6,500 from 2022).  

The limit on total employer-plus-employee contributions to defined contribution plans will increase to $66,000 in 2023, up by $5,000 from $61,000 in 2022. 

Filed Under: WCGB Monthly Blog

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