Employees may contribute up to $3,050 to flexible spending accounts in 2023, the IRS announced Tuesday.
The update represents a “relatively large increase” — a $200 jump — over this year’s $2,850, according to Lisa Myers, director of client services, benefits accounts, at advisory firm WTW. The shift is due to high inflation levels, Myers said in a statement provided to HR Dive; the previous adjustment increased the cap by $100. READ MORE