† The American Rescue Plan Act permitted a plan sponsor to adopt higher limits on contributions to a dependent care FSA for 2021 rather than the standard $5,000/$2,500 limits. * The Consolidated Appropriations Act permitted a plan sponsor to allow unlimited carryovers of health FSA contributions from 2021 to 2022 rather than the standard $550 carryover limit for 2021. If you have a question about any of these limits and how they apply, or any other employee benefits concerns, please reach out to one of the Davis Wright Tremaine benefits attorneys. $10,500 if married filing jointly or if single †Īnnual Limit on Catch-up Contributions to HSAĪnnual Minimum Deductible for High Deductible Health PlansĪnnual Limit on High Deductible Health Plan Out-of-pocket Expenses In Depth The IRS and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2022. The average size of a new single-family house built for sale in the United States was 2485 square feet in 2021. Most of the dollar limits currently in effect for 2021 will increase.

The 401(k) Plan-imposed limit of pre-tax, Roth 401(k) and after-tax contributions combined is 75 of eligible compensation. The 2021 limit of 19,500 has changed to 20,500 in the new year for normal taxpayers. $5,000 if married filing jointly or if single go back into your retirement account at work and max. or 58,000 (64,500 if you will be age 50 or older by year-end). The increase in contribution limits for 401 (k) plans is the most notable change from the legislation. Annual Limit on Salary Reduction Contributions to Health FSAĪnnual Limit on Salary Reduction Contributions to Dependent Care FSA

Max compensation for 401k 2021