First Financial Blog

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IRS Announces 2024 FSA, HSA and Retirement Plan Limits

The IRS has announced cost-of-living increases for participants contributing to Health Flexible Savings Accounts, Health Savings Accounts and retirement plans. Please note the new contribution limits below. Health Flexible Spending Accounts The maximum contribution amount has increased to $3,200 and rollover amount is now $640. 403(b) and 457(b) Retirement Plans The limit is now $23,000 per calendar year. Participants aged 50 and older at any time during the calendar year are permitted to contribute an additional $7,500 for a total of $30,500. Health Savings Accounts The new minimum health insurance plan deductible amounts are now $1,600 for individual coverage and

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