{"id":35239,"date":"2023-11-20T09:42:50","date_gmt":"2023-11-20T14:42:50","guid":{"rendered":"https:\/\/gtm.com\/household\/?p=35239"},"modified":"2024-01-08T14:37:29","modified_gmt":"2024-01-08T19:37:29","slug":"2024-employee-benefit-plan-limits","status":"publish","type":"post","link":"https:\/\/gtm.com\/household\/2024-employee-benefit-plan-limits\/","title":{"rendered":"IRS Announces 2024 Employee Benefit Plan Limits"},"content":{"rendered":"
\"2024-employee-benefit-plan-limits\"

The IRS recently announced the cost-of-living adjustments for employer-sponsored retirement and employee benefit plans for 2024.<\/p><\/div>\n

The IRS recently announced the cost-of-living adjustments for employer-sponsored retirement and employee benefit plans for 2024. Most of these annual dollar limits will increase in the new year.<\/p>\n

Household employers that provide health<\/a>, retirement<\/a>, and other types of benefits may have an advantage when recruiting top candidates for their positions as well as retaining their best employees.<\/p>\n

Some benefit limits that are not indexed for inflation include the Dependent Care FSA limit and the catch-up contribution limit for HSAs.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Limit<\/strong><\/td>\n2023<\/strong><\/td>\n2024<\/strong><\/td>\nChange<\/strong><\/td>\n<\/tr>\n
HSA Contribution Limit<\/strong><\/td>\n<\/tr>\n
Self-only<\/td>\n$3,850<\/td>\n$4,150<\/td>\n+ $300<\/td>\n<\/tr>\n
Family<\/td>\n$7,750<\/td>\n$8,300<\/td>\n+ $550<\/td>\n<\/tr>\n
Catch-up contributions*<\/td>\n$1,000<\/td>\n$1,000<\/td>\nNo change<\/td>\n<\/tr>\n
HDHP Minimum Deductible<\/strong><\/td>\n<\/tr>\n
Self-only<\/td>\n$1,500<\/td>\n$1,600<\/td>\n+ $100<\/td>\n<\/tr>\n
Family<\/td>\n$3,000<\/td>\n$3,200<\/td>\n+ $200<\/td>\n<\/tr>\n
HDHP Out-of-Pocket Maximum<\/strong><\/td>\n<\/tr>\n
Self-only<\/td>\n$7,500<\/td>\n$8,050<\/td>\n+ $550<\/td>\n<\/tr>\n
Family<\/td>\n$15,000<\/td>\n$16,100<\/td>\n+ $1,110<\/td>\n<\/tr>\n
Health FSA<\/strong><\/td>\n<\/tr>\n
Limit on employees’ pre-tax contributions<\/td>\n$3,050<\/td>\n$3,200<\/td>\n+ $150<\/td>\n<\/tr>\n
Carryover limit<\/td>\n$610<\/td>\n$640<\/td>\n+ $30<\/td>\n<\/tr>\n
Dependent Care FSA*<\/strong><\/td>\n<\/tr>\n
Tax exclusion<\/td>\n$5,000 ($2,500 if married and filing separately)<\/td>\n$5,000 ($2,500 if married and filing separately)<\/td>\nNo change<\/td>\n<\/tr>\n
Transportation Fringe Benefits (Monthly Limits)<\/strong><\/td>\n<\/tr>\n
Transit pass and vanpooling (combined)<\/td>\n$300<\/td>\n$315<\/td>\n+ $15<\/td>\n<\/tr>\n
Parking<\/td>\n$300<\/td>\n$315<\/td>\n+ $15<\/td>\n<\/tr>\n
410(k) Contributions<\/strong><\/td>\n<\/tr>\n
Employee elective deferrals<\/td>\n$22,500<\/td>\n$23,000<\/td>\n+ $500<\/td>\n<\/tr>\n
Catch-up contributions<\/td>\n$7,500<\/td>\n$7,500<\/td>\nNo change<\/td>\n<\/tr>\n
Limit on total contributions<\/td>\n$66,000<\/td>\n$69,000<\/td>\n+ $3,000<\/td>\n<\/tr>\n
Adoption Assistance Benefits<\/strong><\/td>\n<\/tr>\n
Tax exclusion<\/td>\n$15,950<\/td>\n$16,810<\/td>\n+ $860<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* Limits that are not adjusted for inflation<\/p>\n

GTM can help<\/h2>\n

GTM can help you set up health benefits<\/a> and\/or a retirement plan<\/a> for your employee. These types of benefits are great tools for recruitment and retention and can lower your and your employee’s tax responsibilities. For a complimentary consultation with a household employment expert, call us at (800) 929-9213<\/a> or schedule time with us at your convenience<\/a>.<\/p>\n

Download The Complete Guide to Household Payroll<\/h2>\n

Get our complimentary guide and learn everything you need to know about paying your employees legally and filing your taxes the right way.
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