​We hope you enjoyed your holidays and that your 2024 is off to a great start.  We are reaching out to you with information and important dates regarding tax documents.
 
The chart below outlines the expected mailing date for each tax form and which account type they apply to.  Please note that not all accounts will supply a tax form.
 

• For retirement accounts and annuities:  You will only receive a 1099-R or 1099-Q if you took a distribution from the account in 2023. 
• For non-retirement accounts (excluding annuities):  Most non-retirement accounts will supply a consolidated 1099 regardless of whether you took a distribution in 2023.
• For rollover distributions:  If you rolled over a qualified retirement plan during 2023 (for example, from a 401k or 403b plan to another retirement plan or IRA), you will receive a 1099-R from the original account.

​As always, please feel free to reach out with any questions.
 
Mapstone Veritas Financial Group
 
 
Mapstone Veritas Financial Group, Equitable Advisors and its associates do not provide tax or legal advice.  Please consult with your own tax or legal advisors regarding your own particular circumstance.
PPG-6215808.1 (1/24)(Exp. 1/26)

We hope that you and your loved ones are doing well.  As we close in on the end of the year, we wanted to provide you with some important updates for 2024.  The IRS has announced changes to retirement plan contribution limits.  Here is a highlight of those changes:
 

• For Traditional and Roth IRAs:
  • The limit on contributions will increase to $7,000
  • The catch-up contribution limit will remain at $1,000 for individuals over age 50
    • The total contribution limit is therefore $8,000 for individuals over age 50
• For employee elective deferrals for participants in a 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan:
  • The limit on contributions will increase to $23,000
  • The catch-up contribution limit will remain at $7,500 for individuals over age 50
    • The total contribution limit is therefore $30,500 for individuals over age 50
• For SIMPLE 401(k)s or SIMPLE IRAs:
  • The limit on contributions will increase to $16,000
  • The catch-up contribution limit will remain at $3,500 for individuals over age 50
    • The total contribution limit is therefore $19,500 for individuals over age 50
• Total annual contribution limit to defined contribution plans (including employer contributions) will increase to $69,000
• HSA contribution limits will increase to $4,150 for individual plans, and $8,300 for family plans.

Additionally, the Social Security administration has also announced some important updates that will take effect in 2024:
 

• A 3.2% cost-of-living adjustment to Social Security beneficiaries
• The maximum amount of earnings subject to Social Security tax will increase to $168,600
• The earnings limit for workers receiving Social Security benefits who are younger than full retirement age will increase to $22,320

 
We are monitoring additional potential changes and will discuss in future meetings as necessary.  Please make sure you consult a tax professional when making any tax-related decisions.
 
As always, if you have any questions, please feel free to reach out.  We hope you and your family have a wonderful holiday season, and best wishes to you in the New Year!
 
Mapstone Veritas Financial Group
 
 
Sources:
www.irs.gov
www.ssa.gov

​
Mapstone Veritas Financial Group, Equitable Advisors and its associates do not provide tax or legal advice.  Please consult with your own tax or legal advisors regarding your own particular circumstance.

​PPG- 6072664.1 (11/23)(Exp. 11/25)