{"id":646,"date":"2023-12-19T15:55:17","date_gmt":"2023-12-19T15:55:17","guid":{"rendered":"https:\/\/www.cahabawealth.com\/insights\/?p=646"},"modified":"2024-07-24T15:18:34","modified_gmt":"2024-07-24T15:18:34","slug":"updates-for-2024","status":"publish","type":"post","link":"https:\/\/www.cahabawealth.com\/insights\/2023\/12\/19\/updates-for-2024\/","title":{"rendered":"Updates for 2024"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p class=\"has-small-font-size\">12\/2023<\/p>\n\n\n\n<p>As the calendar turns to the New Year, taxpayers can anticipate a series of changes in the IRS landscape, ushering in a fresh set of regulations and provisions that will impact both individuals and businesses alike. <strong>Here are a few important changes to know ahead of 2024<\/strong>:<\/p>\n\n\n\n<p><strong><em>Retirement Plan Limits<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>2024 Limits<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>2023 Limits<\/strong><\/td><\/tr><tr><td>401(k)\/403(b)\/457(b) Elective Deferrals<\/td><td class=\"has-text-align-center\" data-align=\"center\">$23,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">$22,500<\/td><\/tr><tr><td>Traditional and Roth IRA<\/td><td class=\"has-text-align-center\" data-align=\"center\">$7,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">$6,500<\/td><\/tr><tr><td>Catch-Up Contribution (plans other than SIMPLE plans)<\/td><td class=\"has-text-align-center\" data-align=\"center\">$7,500<em> (no change)<\/em><\/td><td class=\"has-text-align-center\" data-align=\"center\">$7,500<\/td><\/tr><tr><td>SIMPLE Plan Employee Deferrals<\/td><td class=\"has-text-align-center\" data-align=\"center\">$16,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">$15,500<\/td><\/tr><tr><td>SIMPLE Plan Catch-Up Contributions<\/td><td class=\"has-text-align-center\" data-align=\"center\">$3,500 <em>(no change)<\/em><\/td><td class=\"has-text-align-center\" data-align=\"center\">$3,500<\/td><\/tr><tr><td>Plan Max. Annual Contribution \u2013 Defined Contribution Plans<\/td><td class=\"has-text-align-center\" data-align=\"center\">$69,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">$66,000<\/td><\/tr><tr><td>Maximum Annual Benefit \u2013 Defined Benefit Plans<\/td><td class=\"has-text-align-center\" data-align=\"center\">$275,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">$265,000<\/td><\/tr><tr><td>Compensation Limit under Section 401(a)(17)<\/td><td class=\"has-text-align-center\" data-align=\"center\">$345,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">$330,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong><em>Health Savings Account Limits<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>2024 Limits<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>2023 Limits<\/strong><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">HSA Self-Only Coverage&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">$4,150<\/td><td class=\"has-text-align-center\" data-align=\"center\">$3,850<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">HSA Family Coverage<\/td><td class=\"has-text-align-center\" data-align=\"center\">$8,300<\/td><td class=\"has-text-align-center\" data-align=\"center\">$7,750<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">HSA Catch-Up Contributions (Age 55+)<\/td><td class=\"has-text-align-center\" data-align=\"center\">$1,000 (no change)<\/td><td class=\"has-text-align-center\" data-align=\"center\">$1,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong><em>Standard Deductions*<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>2024 Limits<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>2023 Limits<\/strong><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Single<\/td><td class=\"has-text-align-center\" data-align=\"center\">$14,600<\/td><td class=\"has-text-align-center\" data-align=\"center\">$13,850<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Married Filing Jointly<\/td><td class=\"has-text-align-center\" data-align=\"center\">$29,200<\/td><td class=\"has-text-align-center\" data-align=\"center\">$27,700<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Head of Household<\/td><td class=\"has-text-align-center\" data-align=\"center\">$21,900<\/td><td class=\"has-text-align-center\" data-align=\"center\">$20,800<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><em>*an additional deduction will apply for taxpayers who are age 65+ and\/or blind<\/em><\/figcaption><\/figure>\n\n\n\n<p><strong><em>Other changes for 2024:<\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In addition the changes mentioned above, 2024 will bring revisions to the tax brackets, exemptions and credits, and limitations.<\/li>\n\n\n\n<li>A 3.2% cost-of-living adjustment (COLA) will be applied for Social Security retirement and disability beneficiaries.<\/li>\n\n\n\n<li>The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600.<\/li>\n<\/ul>\n\n\n\n<p>If you\u2019re curious how the new changes will affect your bottom line, we are here to talk about your plan. As always, we appreciate the opportunity to be of service.<\/p>\n\n\n\n<p>We wish you a joyful and fulfilling New Year!<\/p>\n\n\n\n<p style=\"font-size:14px\">Sources: <\/p>\n\n\n\n<p class=\"has-small-font-size\"><a href=\"https:\/\/www.irs.gov\/newsroom\/irs-provides-tax-inflation-adjustments-for-tax-year-2024 \n\">https:\/\/www.irs.gov\/newsroom\/irs-provides-tax-inflation-adjustments-for-tax-year-2024 <br><\/a><a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000#:~:text=WASHINGTON%20%E2%80%94%20The%20Internal%20Revenue%20Service,up%20from%20%2422%2C500%20for%202023. \n\">https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000#:~:text=WASHINGTON%20%E2%80%94%20The%20Internal%20Revenue%20Service,up%20from%20%2422%2C500%20for%202023. <br><\/a><a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rp-23-34.pdf\n\">https:\/\/www.irs.gov\/pub\/irs-drop\/rp-23-34.pdf<br><\/a><a href=\"https:\/\/www.ssa.gov\/cola\/\">https:\/\/www.ssa.gov\/cola\/<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size\">Cahaba Wealth Management is registered as an investment adviser with the SEC and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Cahaba Wealth Management is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation. Content should not be construed as personalized investment advice. The opinions in this materials are for general information, and not intended to provide specific investment advice or recommendations for an individual. Content should not be regarded as a complete analysis of the subjects discussed. To determine which investment(s) may be appropriate for you, consult your financial advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>12\/2023 As the calendar turns to the New Year, taxpayers can anticipate a series of changes in the IRS landscape, ushering in a fresh set of regulations and provisions that will impact both individuals and businesses alike. Here are a few important changes to know ahead of 2024: Retirement Plan Limits &nbsp; 2024 Limits 2023 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[133,3,136,135,84,134],"class_list":["post-646","post","type-post","status-publish","format-standard","hentry","category-insights","tag-133","tag-cahaba-wealth-management","tag-contribution-limits","tag-new-year","tag-tax","tag-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Updates for 2024 - Financial Advisors Near Me - Commentary, Insights, and Analysis From Cahaba Wealth Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cahabawealth.com\/insights\/2023\/12\/19\/updates-for-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Updates for 2024 - Financial Advisors Near Me - Commentary, Insights, and Analysis From Cahaba Wealth Management\" \/>\n<meta property=\"og:description\" content=\"12\/2023 As the calendar turns to the New Year, taxpayers can anticipate a series of changes in the IRS landscape, ushering in a fresh set of regulations and provisions that will impact both individuals and businesses alike. 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