The IRS has released a few additional, much anticipated limits for 2020.

The Health FSA plan year limit has increased to $2,750. For employers who have already had their open enrollment for their 2020 plan year, they may allow employees to increase their elections to the new maximum if their cafeteria plan allows for the increase.

The transportation and parking limits will each will be $270 a month for 2020.

The adoption assistance limits have increased to $14,300 for 2020.

The release of these limits completes the 2020 annual benefit limits. Please contact your Assurance representative with any questions.

Information contained herein is not intended to constitute tax or legal advice and should not be used for purposes of evading or avoiding otherwise applicable regulatory responsibilities as issued by the federal or state government(s) and/or taxes owed under the Internal Revenue Code. You are encouraged to seek advice from your legal or tax advisor based on your circumstances.