The IRS released the 2020 pre-tax limits for Mass Transit, Parking, Medical FSA and Adoption Assistance in Revenue Procedure 2019-44. The limits are effective for plan years that begin on/or after January 1, 2020.
2020 Mass Transit and Parking Limits
Maximum Election: $270 / month (up from $265 / month in 2019)
2020 Medical FSA Limit
Maximum Annual Limit: $2,750 (up from $2,700 in 2019)
2020 Adoption Assistance Limit
Maximum Credit: $14,300 (up from $14,080 for 2019)
Click here to see the 2020 HSA Limits released earlier this year.
If you have a Medical FSA and/or Adoption Assistance plan year that begins January 1, 2020 and would like to increase your tax-free limits, please contact your assigned Client Operations Specialist.
NOTE: There is no requirement to increase Medical FSA or Adoption Assistance limits. Employers must initiate a change. By contrast, mass transit, parking and HSA limits will be updated automatically for elections intended on or after January 1, 2020.
Participants may contact Participant Services at 1-800-473-9595, Monday-Friday, 8am to 8pm with any questions.