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2021 Federal ChangesUpdated December 28, 2020Social Security Wage Base Changes – Effective 1/1/2021Social Security Wage Base$142,800.00 FSA Limit Changes – Effective 1/1/2021Health FSA Limit$2,750.00Dependent Care Limit$5,000.00 HSA Limit Changes – Effective 1/1/2021Individual HSA Limit$3,600.00Family HSA Limit$7,200.00HSA Catch-up Contribution (age 55+)$1,000.00Individual HDHP Out-Of-Pocket Max$7,000.00Family HDHP Out-Of-Pocket Max$14,000.00 Mileage Reimbursement Changes – Effective 1/1/2021Business Miles Driven $0.56Moving Mileage ReimbursementNo longer allowed Transportation Benefits – Effective 1/1/2021Parking Allowance – Per Month $270.00Transit Allowance – Per Month$270.00 Qualified Small Employer HRA (QSEHRA) – Effective 1/1/2021Single – Monthly$441.67Family – Monthly$891.67Single – Annual$5,300.00Family – Annual$10,700.00 401(k), 403(b), 457 Plan Limit Changes – Effective 1/1/2021Maximum employee elective deferral$19,500.00$19,500.00Employee catch-up contribution (if age 50 or older by year-end)$6,500.00$6,500.00Employee compensation limit for calculating contributions$285,000.00$290,000.00*The $6,500 catch-up contribution limit for participants age 50 or older applies from the start of the year to those turning 50 at any time during the year. IRA Contribution Limits – Effective 1/1/2021Traditional IRA$6,000.00Roth IRA$6,000.00Employee catch-up contribution (if age 50 or older by year-end)$1,000.00*The $1,000 catch-up contribution limit for participants age 50 or older applies from the start of the year to those turning 50 at any time during the year. ................
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