Benefit Plan Limits for 2023 and 2024

Overview

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Defined Contribution Plans
Health Savings Accounts (HSAs) and High-Deductible Health Plans (HDHPs)
Health Care Flexible Spending Accounts (Health FSAs) and Limited-Scope (Vision/Dental) FSAs
Social Security (FICA) Payroll Tax
Qualified Transportation Benefit (monthly limits)
Dependent Care FSAs (DC-FSAs), also called Dependent Care Assistance Plans (DCAPs)

 

 

Defined Contribution Plans

 

2023

2024

Change

Maximum employee elective deferral (age 49 or younger)

$22,500

$23,000

+ $500

Employee catch-up contribution (age 50 or older by year-end)

$7,500

$7,500

None

Defined contribution maximum limit, employee + employer (age 49 or younger)

$66,000

$69,000

+ $3,000

Defined contribution maximum limit (age 50 or older), all sources + catch-up

$73,500

$76,500

+ $3,000

Employee compensation limit for calculating contributions

$330,000

$345,000

+ $15,000

Key employees’ compensation threshold for top-heavy plan testing

$215,000

$220,000

+ $5,000

Highly compensated employees’ threshold for nondiscrimination testing

$150,000

$155,000

+ $5,000

 

 

Health Savings Accounts (HSAs) and High-Deductible Health Plans (HDHPs)

 

2023

2024

Change

HSA contribution limit (employer + employee)

Self-only: $3,850
Family: $7,750

Self-only: $4,150
Family: $8,300

Self-only: + $300
Family: + $550

HSA catch-up contributions (age 55 or older)

$1,000

$1,000

None

HDHP minimum deductibles

Self-only: $1,500
Family: $3,000

Self-only: $1,600
Family: $3,200

Self-only: + $100
Family: + $200

HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums)

Self-only: $7,500
Family: $15,000

Self-only: $9,450
Family: $18,900

Self-only: + $1,950
Family: + $3,900

 

 

Health Care Flexible Spending Accounts (Health FSAs) and Limited-Scope (Vision/Dental) FSAs

 

2023

2024

Change

Maximum salary deferral

$3,050

$3,200

+ $150

 

 

Social Security (FICA) Payroll Tax

 

2023

2024

Change

Maximum earnings subject to Social Security 12.4% FICA payroll tax (6.2% paid by employer and 6.2% paid by employee)

$160,000

$168,600

+ $8,600

 

 

Qualified Transportation Benefit (monthly limits)

 

2023

2024

Change

Transit passes and van pool services (employer + employee)

$300

$315

+ $15

Qualified parking

$300

$315

+ $15

 

 

Dependent Care FSAs (DC-FSAs), also called Dependent Care Assistance Plans (DCAPs) (no change for 2024)

 

2023/2024

Maximum salary deferral (single taxpayers and married couples filing jointly)

$5,000 

Maximum salary deferral (married couples filing separately)

$2,500 

 

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