2024 IRA, Retirement Plan Contribution Limits and Social Security News
Posted on 22. Jan, 2024 by Brian Parker in IRA Contributions, Tax News
Elective Contributions to IRAs, 401(k)s and Other Qualified Plans On November 1, 2023, the IRS announced new limits for IRA, pension and other contributions for 2024. For the most part, the limits increased from 2023 because there was a rise in the cost-of-living index. The maximum limit for contributions to IRAs increases to $7,000 for 2024, up from $6,500 for 2023. If you are age 50 or older, you can contribute a maximum of…Read More
2024 Income Tax Update
Posted on 22. Jan, 2024 by Brian Parker in Tax News
The 2017 Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. This tax act made sweeping changes to the U.S. tax code and impacts virtually every taxpayer and family. The TCJA made major changes in the tax law that affected 2018 and future tax returns. The TCJA will remain in effect through 2025, when it then reverts back to prior tax law. We will see what happens in 2026.…Read More
