What are the contribution limits for FSAs?
Employees elect separate annual contribution amounts for Health Care and Child & Elderly Care FSAs ( aka Dependent Care FSAs) up to the annual IRS limits. Those with a Child & Elderly Care FSA are subject to the limit defined by their federal filing status.
Married, Filing Jointly
|Married and Filing Separately|
|Health Care||$2700 (2019); $2750(2020); $2750 (2021)||$2700 (2019); $2750 (2020); $2750 (2021|
|Child & Elderly Care FSA||$5000 (2020, 2021)||$2500 (2020, 2021)|
For spouses filing jointly, each spouse can elect up to the health care max in the year (in 2020, that would be $2750 + $2750 = $5500 household total). Continued through 2021.
Child & Elderly (Dependent) Care
Total contributions for both the employer and employee cannot exceed $5000 for Dependent Care FSAs (any amount exceeding that is taxable income). Additionally when a married couple files separately, the total combined contribution for Dependent Care FSAs cannot exceed $2500 for each.
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