The Internal Revenue Service released the annual cost-of-living adjustments Thursday affecting dollar limitations for pension plans and other retirement-related items for tax year 2014, allowing taxpayers to contribute up to $17,500 to their 401(k) plans in 2014.
In addition, the IRS announced Thursday that it is modifying the “use or lose” rule for health care flexible spending arrangements, permitting a carryover of up to $500 to provide greater flexibility to plan participants (see Treasury Relaxes 'Use or Lose' Rule for Flexible Spending Accounts). The agency also issued the annual inflation-adjusted tax rate schedules and other changes in tax benefits for 2014 on Thursday (see IRS Adjusts 2014 Tax Rates for Inflation).
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