The IRS announced cost of living adjustments for various welfare benefits in 2015.
- Health Flexible Spending Account Plans. The dollar limit on employee salary reduction contributions to a health flexible spending account plan is increased to $2,550.
- Dependent Care Assistance Plans. The dollar limit on employee salary reduction contributions to a dependent care assistance plan remains unchanged at $5,000 ($2,500 if single or married filing separately.
- Qualified Parking Benefits. The monthly exclusion from income for parking benefits is unchanged at $250.
- Qualified Transit Passes. The monthly transit pass/vanpooling expense limit is unchanged at $130.
- Adoption Assistance Benefits. The maximum exclusion from gross income under an employer adoption assistance program increases to $13,400. The exclusion is phased out for individuals with income greater than $201,010 and is not available for those with income of $241,010 or higher.
- Small Business Health Care Tax Credit. The average annual wage at which the tax credit begins to phase out is increased to $25,800. The maximum average annual wages to qualify for the credit as a small employer is increased to $51,600.
