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2024 Annual Limits Guide for Families with Special Needs  Thumbnail

2024 Annual Limits Guide for Families with Special Needs

As we step into the new year, it's crucial to stay informed about the annual limits that govern various aspects of financial planning. The year 2024 brings with it a set of updated figures and thresholds that can significantly impact your financial strategies. Here are key annual limits you need to be aware of to make informed decisions and optimize your financial planning for yourself and your loved one with special needs in 2024.

Elective deferrals 401(k), 403(b), 457, and SARSEPs$23,000
Catch-up contribution$7,500

Defined contribution$69,000
Defined benefit$275,000

SIMPLE plan$16,000
Catch-up contribution$3,500

IRA or Roth IRA contribution limit$7,000
Catch-up contribution$1,000
IRA deduction phaseout for active participants
Single$77,000 - $87,000
Married filing jointly$123,000 - $143,000
Married filing separately$0 - $10,000
Non-active participant married to active participant$230,000 - $240,000
Roth IRA phaseout
Single$146,000 - $161,000
Married filing jointly$230,000 - $240,000

Cost-of-living adjustment3.2%
SS max taxable wage base$168,600
195566 and 2 months
195666 and 4 months
195766 and 6 months
195866 and 8 months
195966 and 10 months
SSI (Social Security Income) monthly
Federal SSI benefit$943
With CA supplemental $1,183
Visually impaired with CA supplemental$1,267
Substantial gainful activity income limit$1,550
Visually impaired substantial gainful activity limit$2,590
SSDI - Disabled Adult Child Benefits
% of parent's PIA while parent is living50%
% of parent's PIA after parent decease75%

Annual gift tax exclusion$18,000
Estate and gift tax basic exclusion$13,610,000
Maximum estate tax rate40%

Contribution limits$18,000
Additional employment contribution limits$14,580

Staying informed about the 2024 annual limits related to financial planning is essential for making informed decisions and optimizing your financial strategies. Regularly reassess your financial plan in light of these changes to ensure it remains aligned with your goals. Our team at VFA is here to help if you are looking for guidance, or have any questions regarding how these updates may affect you and your loved ones. 

*The foregoing content reflects the opinions of Van Hulzen Asset Management DBA "Van Hulzen Financial Advisors" and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.