2018 Benefit Limits Adjusted
The IRS has released a recalculation of several cost of living increases for 2018. Among the changes, Revenue Procedure 2018-18 reduces the family HSA contribution from $6,900 to $6,850, as well as reduces qualified adoption expenses from $13,840 to $13,810.
It should be noted that there are no changes to Healthcare FSA and transit benefit limits.
JD Supra outlines the following changes, effective for the 2018 calendar year:
- The family HSA contribution for 2018 is reduced from $6,900 to $6,850.
- For employer adoption assistance programs, the maximum amount that can be excluded from an employee’s gross income for qualified adoption expenses is reduced from $13,840 to $13,810. Further, the adjusted gross income threshold after which the adoption exclusion begins to phase out is reduced from $207,580 to $207,140.
- Health care FSA, transit and other benefit limits are not impacted.
For more information on these changes, please click here.