Today, the IRS issued Notice 2024-2, which is a notice that provides guidance in the form of questions and answers with respect to certain provisions of the SECURE 2.0 Act. Additional guidance on SECURE 2.0 is expected from the IRS in 2024.
2024 Federal Estate Tax Exemption
Today, the IRS announced inflation adjustments for various provisions of the Tax Code that will take effect for 2024. The IRS makes inflationary adjustments annually. Among the provisions impacted is the Federal Estate Tax Exemption. The 2023 Federal Estate Tax Exemption is $12,920,000. In 2024, the Federal Estate Tax Exemption will increase by $690,000 toContinue reading “2024 Federal Estate Tax Exemption”
401(k) and IRA 2024 Contribution Limits
Today, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. Meanwhile, the limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over wasContinue reading “401(k) and IRA 2024 Contribution Limits”