The IRS has announced the new 2024 limits for HSA contributions. Thanks to inflation, there has been a significant increase in those amounts.
HSAs are savings accounts where you save pre-tax dollars that can be used for certain medical expenses that your health insurance is not paying for.
Introduction In addition to the usual inflation-based changes to certain tax-advantaged savings plans, 2021 sees updates to key rules about carryover amounts and mid-year election changes. The 2021 annual contribution limits for health savings accounts (HSAs) have been increased as have out-of-pocket maximums for high-deductible health plans (HDHPs). Rules about carryover amounts and mid-plan year […]
Participant Contribution Limits It’s time to review the 2021 IRS retirement plan contribution limits for various types of plans including the 401(k), 403(b), 457(b), IRA, and SIMPLE IRA. For my purposes here, I’m looking only at defined contribution plans that allow participant contributions. SEP-IRA plans and traditional pensions are separate topics not covered here. Generally, […]
What Are Social Security Contribution Limits While most wages and self-employment earnings are potentially subject to Social Security taxes, the total amount of actual tax liability in a calendar year is limited in two main ways. One, there is a hard cap on the total amount of tax for retirement and disability. Two, certain deductions […]
Participant Contribution Limits As they do every year, the IRS has published the 2019 retirement plan contribution limits for the various types of plans including the 401(k), 403(b), 457(b), IRA, and SIMPLE IRA. For my purposes here, I’m looking only at defined contribution plans that allow participant contributions. SEP-IRA plans are a separate topic not […]