Year-End Gifting and Retirement Contribution Limits
As we approach the end of the year, it’s an excellent time to review the updated gifting and retirement account contribution limits for 2024:
Gifting Limits
You can give up to $18,000 per person without filing with the IRS.
For married couples filing jointly, the limit increases to $36,000 per person.
Estate Tax Exclusion
The estate tax exclusion for 2024 is $13,610,000 per individual.
For married couples, the exclusion is $27,220,000.
Retirement Account Contributions
401(k) & 403(b) Plans:
Annual contribution limit: $23,000
Catch-up contribution for individuals aged 50 and over: $7,500.
Individual Retirement Accounts (IRAs):
Annual contribution limit: $7,000.
Additional catch-up contribution for individuals aged 50 and over: $1,000.
Reaching for Higher Yields
Who doesn't want to earn a high yield? Isn't that the objective of investing? The name "High Yield" fund just sounds right, and so much better than the previous name of "Junk Bond" fund.
This season, we are deeply grateful for the trust and partnerships we share with our clients. We wish you and your loved ones a holiday filled with warmth and joy.
