IRS ANNOUNCES NO CHANGE FSA AND COMMUTER CONTRIBUTION LIMITS FOR 2021

The IRS released a statement announcing the Flexible Spending Account (FSA) and Qualified Parking and Transportation Account election limits for any plan years beginning in 2021.

Beginning on January 1, 2021, the maximum employee election amounts for FSAs and Commuter Benefits are as follows:

Most, but not all, plans automatically allow for the maximum contribution limit. If your plan specifies a limit less than the maximum, it will remain unchanged.