On October 26, 2020, the IRS announced the new limits for 2021 with respect to Health FSAs, Transportation/Commuter Plans, and Qualified Parking Plans as listed below:
|Type of Plan||2020||2021|
|Health FSA||$2,750/annual||No Change|
|Dependent Care FSA||$2,500 or $5,000*/annual||No Change|
|Transportation/Commuter Plan||$270/month||No Change|
|Parking Plan||$270/month||No Change|
*$2,500 for married individuals filing separate tax returns and $5,000 for married individuals filing joint tax returns or for unmarried individuals.