IRS Announces 2015 Changes – Increases to HCFSA, Parking and Transit Remain the Same

IRS Announces 2015 Changes – Increases to HCFSA, Parking and Transit Remain the Same

IRS-logoWhile IRS Revenue Procedure 2014-61 contains a great deal of information (in its 22 pages), the most pertinent information to health and welfare benefit plans is as follows:

  • Increase to the maximum deferral for a HCFSA (Health Care Flexible Spending Account) is now $2,550

 

Also, of note:

  • Cafeteria Plans – For the taxable years beginning in 2015, the dollar limitation under §125(i) on voluntary employee salary reductions for contributions to health flexible spending arrangements is $2,550
  • Qualified Transportation Fringe Benefit. For taxable years beginning in 2015, the monthly limitation under § 132(f)(2)(A) regarding the aggregate fringe benefit exclusion amount for transportation in a commuter highway vehicle and any transit pass is $130. The monthly limitation under § 132(f)(2)(B) regarding the fringe benefit exclusion amount for qualified parking is $250.

If you’re looking for good summaries of new tax brackets, etc., you can’t do much better than the update from Forbes, linked below.

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