IRS Releases 2023 Cost of Living Adjustments for Certain Tax Provisions

With the release of Revenue Procedure 2022-38 and Revenue Procedure 2022-24 the IRS has set the health & welfare limits for the 2023 plan year. The chart below details the changes made to the limits: Welfare Plan Limits 2023 2022 Health FSA Max $3,050 $2,850 Dependent Care FSA Max $5,000 $5,000 Adoption Credit Limit $15,950 $14,890 HDHP Min Annual Deductible (Single) $1,500 $1,400 HDHP Min Annual Deductible (Family) $3,000 $2,800 HDHP Out of Pocket Max (Single) $7,500 $7,050 HDHP Out of Pocket Max (Family) $15,000 $14,100 HSA Max Contribution Limit (Single) $3,850 $3,650… Read More