Tax Changes for 2024: A Look at the Numbers

Last Paycheck

Confused about the 2024 tax changes? Today, Rob and Archie break down some of the important changes to look out for in 2024. Know the changes and be prepared for 2024!

Here are some major changes:

- Adjustment to tax brackets: 10%, 12%, 20% - tax brackets are moving higher

- Increase in the standard deduction - single: $13,850 to $14,600 - married: $27,700 to $29,200

- Contribution limits - Deferral limit increasing from $22,500 to $23,000 - 50 years or older - "catch-up contribution" is $7,500 - Simple plan - deferral from $15,500 to $16,000 -50 years or older - "catch-up contribution" is $3,500

- IRA deductible increasing - $6,500 to $7,000 - 50 years or older - "catch-up contribution" is $1,000

- Health Savings Accounts - Individual: $3,850 to $4,150 - Family plan: $7,750 to $8,300

- Cost of living benefit increasing by 3.2%

- Estate taxes - Annual gift tax exclusion increasing from $17,000 to $18,000 - Basic exclusion amount: $13,000,618 per person - At the end of 2025, these numbers will revert unless made permanent

- Roll over 529 Funds into a Roth IRA - https://youtu.be/ryQoUOAsPcU

- Required Minimum Distribution (RMD) - People born after the year 1959, the age increases to 75 (2033)

-Qualified charitable distributions - https://youtu.be/PCZNHnGHxdw - Increasing from $100,000 to $105,000

Watch on YouTube: https://youtu.be/tiYJA772Uc4

Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it’s excitement, anxiety, or anything in between, this show is for you.

Visit: http://www.thelastpaycheck.com

If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation