(from NBOA) New benefits contribution limits for 2023 have been released by the IRS. Of note are the following changes:
- Contribution limit for medical FSAs has increased to $3,050.
- Carryover limit for medical FSAs has increased to $610.
- 403(b) and 401(k) employee contribution limit will increase to $22,500 and catch-up contributions will increase to $7,500.
- 403(b) and 401(k)s total contributions (employee and employer) cannot exceed $66,000.
More threshold increases can be found in the IRS's tax adjustment notice and benefit contribution notice.
