2023 Benefit Plan Limits and Thresholds
With a new year comes new benefit plan limits and thresholds as prescribed by the IRS.
Below is a reference guide for many of the most common plan limits and thresholds for 2023:
401(k) Plan Limits
Maximum employee elective deferral $22,500 (+$2,000 change)
Employee catch-up contribution (age 50 or older) $7,500 (+1,000 change)
HSA and HDHP Limits
HSA contribution limit Self-only $3,850 (+200 change)
(employer + employee) Family $7,750 (+450 change)
HSA catch-up contributions $1,000 (no change)
(age 55 or older)
HDHP minimum deductibles Self-only $1,500 (+100 change)
Family $3,000 (+200 change)
HDHP max. out-of-pocket Self-only $7,500 (+450 change)
Family $15,000 (+900 change)
Health FSA Limits
Health Care FSA and Limited FSAs
Maximum salary deferral $3,050 (+200 change)
Maximum rollover amount $610 (+40 change)
Dependent Care FSA Limits
Maximum salary deferral
Single taxpayers and married couples filing jointly $5,000 (no change)
Married couples filing separately $2,500 (no change)
Qualified Small Employer Reimbursement Arrangements (QSEHRAs)
Maximum payments and reimbursements Self-only $5,850 (+400)
Family $11,800 (+750)
Commuter Transit and Parking Limits (monthly limits)
Transit passes/van pool services $300 (+20)
(employee + employer)
Qualified Parking $300 (+20)
Adoption Assistance
Excludable Amount $15,950 (+1,060 change)
Phase-out begins $239,230 (+15,820 change)
Phase-out complete $279,230 (+15,820 change)
Earnings subject to Social Security Payroll Tax
Maximum earnings $160,200 (+13,200 change)
Subject to Social Security 12.4% FICA payroll tax (6.2% paid by employer and 6.2% paid by employee)
