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The annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, an increase of $150 from this year, the IRS recently announced. Employees also can carry over up to $640 next year, if permitted under their employees’ plan, which is up by $30 over 2023.

The FSA limit news comes on the heels of the IRS’s announcement for the 2024 401(k) annual contribution limit on November 1. It also comes later than usual as most organizations already are in the middle of open enrollment. The annual limits on health savings account contributions, which were announced in May, will be $3,850 for individuals and $8,300 for families. Both represent increases of more than 7% from this year’s limits.

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