Year-End Retirement Tax Planning

As we approach the end of 2024, we wanted to remind you of last-minute retirement tax planning opportunities. 

1. If you're enrolled in your employer's 401(k) plan - you have until December 31 to max out your contribution to the 2024 limit, make sure to take advantage of any employer match. 

1. Taxpayers younger than age 50 can contribute up to $23,000 this year 

2. Taxpayers at least age 50 can add an extra $7,500 per year in "catch up" contributions 

2. If you have a Traditional or ROTH IRA, contributions can be made through 4/15/25 if your income qualifies

1. Taxpayers younger than 50 can contribute up to $7,000 in 2024.  

2. Taxpayers 50 or older can contribute up to $8,000 in 2024. 

3. If you're self-employed or a business owner, you can still make contributions that are deductible on your 2024 taxes. 

1. If you don’t already have a retirement plan for your business, you can still set one up before 12/31/24 and contribute for the current year.  

2. SIMPLE IRA contributions for plan participants must be made by 12/31/24 

3. Contributions to a SEP IRA or Solo 401(k) are due by the individual return due date (original 4/15/25 or extended 10/16/25). 

If you would like to discuss your 2024 retirement tax planning, please contact us!