IRS releases 2015 Health FSA and Monthly Qualified Transportation Limits

10/31/2014

The IRS just released Revenue Procedure 2014-61, containing inflation adjustments for numerous tax provisions including health FSAs and qualified transportation benefits.  For 2015, the annual dollar limit on employee contributions to health flexible spending arrangements (FSA) rises to $2,550, up $50 from the amount for 2014. Dependent Care FSA annual limits continue to be $5,000 (if married filing jointly, or a single parent) and $2,500 (if married filing separately).

Qualified transportation limits are unchanged for 2015. The monthly limit for a transit pass is $130 and qualified parking is $250.

To view the IRS Revenue Procedure: http://www.irs.gov/pub/irs-drop/rp-14-61.pdf.