At Nextep, we know the end of the year brings taxes top of mind for many. It also may be easy to forget about 2023 benefit limits that can impact your taxes.
Partnering with a PEO like Nextep means you can easily get all the details you need. Here is a cheat sheet of some key limits to note for benefits (some limits have had significant increases):
2023 HSA Limits
$3850 EE Only
$7750 Family
$1000 55 or Older Catch-Up
2023 FSA Limits
Health FSA: $3,050
Max Rollover: $610
LPFSA Limit: $3,050
DCA for child care: $5,000
Parking Limit: $300
Transit Limit: $300
Check out our blog post for more information on the HSA and FSA 2023 benefit limits. You can also check out H&R Block’s article about how HSA affects your taxes.
2023 Retirement Limits
IRA Limit: $6500
SIMPLE IRA Limit: $15,500
401k Limit: $22,500
401k Catch-Up Limit: $7,500
If you have questions about how benefit limits impact your taxes or tax return, please contact your financial advisor or CPA.
