In Revenue Procedure 2014-61, the IRS issued 2015 inflation-adjusted limits for certain benefit-related tax provisions. The chart below shows the limits that apply to health flexible spending arrangements, qualified transportation fringe benefit plans, adoption assistance programs, qualified long-term care premiums and qualified retirement plans. The chart also identifies the Social Security taxable wage base, personal exemption and standard deduction amounts for 2015.
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*The Tax Increase Prevention Act of 2014 retroactively extended to 2014 the parity between the transit passes and qualified parking. This parity expired on December 31, 2014.