Want to get a jump on planning for 2024? Here are a few tips to keep in mind:

  • HSA Self-only coverage funding limits increases to $4,150 from $3,850.
  • HSA Family coverage funding limits increases to $8,300 from $7,750.
  • HSA catch-up contribution (if age 55 or older) remains at $1,000.
  • Health FSA per individual increases to $3,200 from $3,050.
  • SEP-IRA contribution limit increases to $69,000 from $66,000.
  • Solo 401K contribution limit increases to $69,000 from $66,000. Plus, taxpayers aged 50 or older can contribute an additional $7,500 catch-up contribution to their solo 401K making their total contribution $76,500.
  • Roth contributions are now allowed for SEP-IRAs and SIMPLE IRAs (beginning in the 2023 tax year)
  • Unused 529 Plan funds can be rolled over into Roth IRA’s, subject to limitations.
  • The qualified charitable distribution (QCD) limit increases to $105,000 from $100,000.
  • The annual exclusion for gifts increases to $18,000 ($36,000 for married couples choosing to split gifts) from $17,000 ($34,000 for married couples choosing to split gifts).