For estate planning purposes, annual exclusion for gifts will increase to $17,000 for calendar year 2023, up from $16,000.
For the taxable years beginning in 2023, the dollar limits for employee salary reductions for contributions to health flexible spending arrangements increases to $3,050, up from $2850 for 2022. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $610, an increase of $40 from taxable years beginning in 2022, the IRS said.
For participants who have self-only coverage in a Medical Savings Account (MSA) for 2023, an annual deductible must not be less than $2,650, up $200 from tax year 2022; but not more than $3,950, an increase of $250 from tax year 2022.
For self-only coverage, the maximum out-of-pocket expense amount is $5,300, up $350 from 2022.