Contribute up to $2,550 in 2016!
It’s the new year, and if you’re wondering what the FSA contribution limit is for 2016, the IRS has spoken:
“An employee who chooses to participate can contribute up to $2,550 during the 2016 plan year. Amounts contributed are not subject to federal income tax, Social Security tax or Medicare tax.”
So folks, same as last year, take advantage of what Uncle Sam (and your employer) gives ya! And if your employer doesn’t offer you an FSA as part of your benefits, the IRS suggests you ask them why not:
“Accordingly, interested employees should check with their employer to see if they offer an FSA.”
Read directly from the IRS’s announcement here.
