IRS Releases 2021 Qualified Benefit Plan Limits
October 27, 2020
The IRS has announced the following new contribution limits for 2021:
Flexible Spending Accounts
- Healthcare Flexible Spending Account - $2,750 (no change)
- Flexible Spending Account Carryover Maximum - $550 (if applicable)
- Dependent Daycare Account - $5,000 (no change)
- Adoption Assistance - $14,440 (increase of $140)
Commuter Benefit Accounts
- Parking Benefit - $270 (no change)
- Transit Benefit - $270 (no change)
Health Savings Account 2021 limits announced in May 2020:
Maximum Contribution Amount
- Individual - $3,600 (increase of $50)
- Family - $7,200 (increase of $100)
- Catch-up (age 55+) - $1,000 (no increase)
Maximum Out-of-Pocket Expense Limit
- Individual - $7,000 (increase of $100)
- Family - $14,000 (increase of $200)
Minimum Health Plan Deductible Limit
- Individual - $1,400 (no change)
- Family - $2,800 (no change)
Find these and historical qualified benefit plan limits in this handy reference guide.