The IRS allows larger contributions to retirement accounts for 2024.
Yoseph Shomer, CPA
CPA for all your business tax needs | Professional. Patient. Personal.
The IRS has allowed hard-working Americans to contribute larger amounts to their retirement accounts for the calendar year 2024.
This annual increase is a very normal thing for the IRS to do and helps taxpayers counter the effects of inflation.
Below are the significant adjustments to take note of:
? The Employee 401K limit is increased to $23,000 for 2024, from $22,500 in 2023.
? The IRA deduction increased to $7,000 for 2024, from $6,500 in 2023.
? The Saver’s Credit income limit increased to $76,500 for 2024, from $73,000 in 2023.
The increases are sure to help, but do you think the increases were substantial enough? Let me know in the comments!
Have a question about contributing to a retirement account or just not sure about it in general? Feel free to reach out!
#shomercpa #tax