Updated Numbers for Your 2024 Financial Plan

Are you ready for 2024?

Your W2 is probably on its way. Your 1099 soon to follow. With each new year, it’s important to review your payroll deductions and other planning opportunities to take advantage of new tax changes and inflation adjustments.

There are quite a few changes to apply to your 2024 planning, such as:

    • For estate and gift tax purposes, the annual gift tax exclusion is now $18,000, while the total estate and gift exclusion has increased to $13,610,000.
    • 401(k), 403(b), and most 457 plan contributions have increased to $23,000 for those under 50, with an additional $7,500 allowed for those 50 and over.
    • IRA/Roth IRA contribution limits have increased to $7,000 for those under 50, and $8,000 for those 50 and older.
    • You can rollover some 529 Plan funds into a Roth, under these rules: The Roth IRA account must be in the name of the 529 plan beneficiary, must have been maintained for at least 15 years, and be subject to annual contribution limits with a $35,000 lifetime limit on rollovers.
    • HSA contributions have increased to $4,150 for self-only coverage and $8,300 for family coverage. Those 55 and older are eligible to contribute an additional $1,000.
    • The Qualified Charitable Distribution limit for 2024 has increased to $105,000. (This is a great way to give pre-tax funds to charity. Our clients donated over $1.2 million last year through QCDs!)
    • Required minimum distributions will begin to be enforced on Inherited IRAs covered under the SECURE ACT.

That’s a lot of information and numbers to juggle.

We’re providing this helpful guide to download for reference throughout the year. 2024-Annual-Planning-Limits

Or stop by our office for a complimentary copy and let us help you plan around these opportunities for 2024 and beyond.