Hello from Sycamore,
Did you Know?
For the 2024 tax year, some contribution limits have increased.
- 401(k), 403(b), & 457 account contribution limits are now $23,000 for the year.
- There is a $7,500 catch-up if you will turn 50 in 2024.
- Traditional and Roth IRA annual contribution limits are now $7,000.
- There is a $1,000 catch-up if you will turn 50 in 2024.
- SIMPLE IRA contribution limits are now $16,000.
- There is a $3,500 catch-up if you will turn 50 in 2024.
- Health savings account limits are now $4,150 for individuals and $8,300 for families.
- There is a $1,000 catch-up if you will turn 55 in 2024.
- The annual gift tax exclusion for 2024 is $18,000 per person.
- The annual qualified charitable distribution (QCD) limits are now $105,000.
As always, do not hesitate to reach out to our offices at (765) 455-1554 to discuss this.
Thank you for your continued trust and support,
Sycamore Financial Group
***This article is distributed for general informational and educational purposes and is not intended to constitute legal, tax, accounting, or investment advice.***
