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