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IRS Employee Benefit Plan Limits

IRS 2023 Employee Benefit Plan Limits

The table below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2022 and 2023.*

Health Flexible Spending Accounts 2023 2022
Maximum salary reduction limit $3,050 $2,850
Health FSA Carryover Limit $610 $570

 

Dependent Care Flexible Spending Accounts± 2023 2022
If employee is married and filing a joint return
or if the employee is a single parent
$5,000 $5,000
If employee is married but filing separately $2,500 $2,500

 

  2023 2022
Excepted Benefit Health Reimbursement Arrangements $1,950 $1,800

Qualified Transportation Fringe Benefit and Qualified Parking (monthly limit)

$300 $280
Adoption Assistance Exclusion $15,950 $14,890

Educational Assistance

Highly compensated employee threshold

$5,250

$150,000

$5,250

$135,000

 

High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA)
  2023 2022
HDHP — Maximum annual out-of-pocket limit (excluding premiums):
Self-only coverage $7,500 $7,050
Family coverage $15,000 $14,100
HDHP — Minimum annual deductible:
Self-only coverage $1,500 $1,400
Family coverage $3,000 $2,800
HSA — Annual contribution limit:
(Employee + Employer Contributions Combined)
Self-only coverage $3,850 $3,650
Family coverage $7,750 $7,300
Catch-up contributions (age 55 or older)± $1,000 $1,000

ACA In-Network Out-Of-Pocket Limits For Non-Grandfathered Plan

Note: This is different than the HDHP Maximum out-of-pocket limit described above

Self-only coverage $9,100 $8,700
Family coverage $18,200 $17,400

 

Retirement Plan Limits 2023 2022
Annual compensation limit $330,000 $305,000
401(k), 403(b) and 457 plan contributions $22,500 $20,500
401(k), 403(b) and 457 plan catch-up contributions (if age 50 or older) $7,500 $6,500
Highly compensated employee threshold $150,000 $135,000
Key employee officer compensation threshold $215,000 $200,000
Defined benefit plan annual benefit and accrual limit $265,000 $245,000
Defined contribution plan annual contribution limit $66,000 $61,000
Social Security Taxable Wage Base $160,200 $147,000

 

* The dollar limits are generally applied on a calendar year basis; however, certain dollar limits are applied on a plan-year, tax-year, or limitation-year basis.
± Not indexed for cost-of-living adjustments.