2024 Important Tax Numbers
Tax brackets and contribution limits to certain accounts changed for 2024 which could impact your financial plan and tax situation.
A few notable highlights include:
401(k) and 403(b) contribution limits increased:
$23,000 personal contribution (up from $22,500 in 2023)
$7,500 age 50+ catch-up contribution remains the same
$3,000 additional 403(b) catch-up contribution after 15+ years of service
Traditional and Roth IRA contribution limits increased:
$7,000 contribution (up from $6,500 in 2023)
$1,000 age 50+ catch-up contribution remains the same
Health Savings Account (HSA) contribution limits increased:
$4,150 individual contribution (up from $3,850 in 2023)
$8,300 family contribution (up from $7,750 in 2023)
$1,000 age 55+ catch-up contribution
Standard deduction increased:
$29,200 married filing jointly (up from $27,700 in 2023)
$14,600 single filers (up from $13,850 in 2023)
Gift tax annual exclusion increased:
$18,000 per person (up from $17,000 in 2023)
Federal income tax brackets shifted higher
Capital-gains tax brackets shifted higher
Required Minimum Distribution (RMD) uniform lifetime table adjusted
Do you have questions about how these tax numbers impact your financial plan? Reach out to me at Ben@coveplanning.com or schedule a free consultation call.
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Ben Smith is a fee-only financial advisor and CERTIFIED FINANCIAL PLANNER™ (CFP®) Professional with offices in Milwaukee, WI, Evanston, IL and Minneapolis, MN, serving clients virtually across the country. Cove Financial Planning provides comprehensive financial planning and investment management services to individuals and families, regardless of location, with a focus on Socially Responsible Investing (SRI).
Ben acts as a fiduciary for his clients. He does not sell financial products or take commissions. Simply put, he sits on your side of the table and always works in your best interest. Learn more how we can help you Do Well While Doing Good!
Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Ben Smith, and all rights are reserved. Read the full Disclaimer.