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.***