2018 Annual Contribution Limits.
The Internal Revenue Service released the 2018 annual contribution limits related to Flexible Spending Accounts (FSA), Health Savings Accounts (HSA) and all Qualified Retirement Plans.
Please see below for the changes to current limits in place and consider sending to your employees asking them to take action if they would like to take advantage of these increased contribution limits.
|Parking||$260 per month||$255 per month|
|Transit||$260 per month||$255 per month|
|Catch-up contribution (age 55 or older)||$1,000||$1,000|
Qualified Retirement Plans
|401(k) employee deferrals||$18,500||$18,000|
|Catch-up contribution (age 50)||$6,000||$6,000|
|Defined contribution dollar limit||$55,000||$54,000|
|Annual compensation limit||$275,000||$270,000|
|HCE income limit||$120,000||$120,000|
|Key employee officer||$175,000||$175,000|
The announcements from the IRS are as follows:
If you have questions or concerns about these limits, contact Tandem HR today at 630.928.0510 or firstname.lastname@example.org.
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