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MAPSTONE | VERITAS

advice | experience | results | since 1970

2023 Year end tax info

11/3/2023

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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)
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    michelle direnzo 
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    Michelle is a Partner and financial advisor for MAPSTONE|VERITAS

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Securities offered through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA/SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC registered investment advisor.  Annuity and insurance products offered through Equitable Network, LLC, which conducts business in CA as Equitable Network Insurance Agency of California, LLC, in UT as Equitable Network Insurance Agency of Utah, LLC, in PR as Equitable Network of Puerto Rico, Inc.  Equitable Advisors and its affiliates do not provide tax or legal advice. Please consult your tax and legal advisors regarding your particular circumstances.  Individuals may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm’s Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
​
Mapstone | Veritas Financial Group is recognized by Equitable Advisors as a Platinum Paramount Planning Group firm of the Elite Advisor Group, based on their members achieving a certain sales production level among all firms within our organization.  Elite Advisor Group (EAG) is an internal recognition program of Equitable Advisors, LLC.
​
Mapstone | Veritas Financial Group (“MV”) is not a registered investment advisor and is not owned or operated by Equitable Advisors or Equitable Network.

​General Conflict of Interest Disclosure


PPG-122505 (Rev. 11/20) (Exp. 11/24)

  • HOME
  • Our Firm
    • Leadership >
      • Craig Mapstone
      • Jeffrey Mapstone
      • Thomas Tarkowski
    • Partners >
      • Brett Caroselli
      • Michelle DiRenzo
      • Koen Goorman
      • Matthew Keenan
      • Jeremy Krog
      • Phillip Sheehan
      • Kevin Shiltz
      • David Stoller
    • Financial Advisors >
      • Heather Barniak
      • Shana Rivera
      • Michael Tornatore
    • Research & Staff >
      • Thomas Bailey
      • Jennifer Bastian
      • Jessica Eveland
      • Marina Graham
      • William Hager
      • Robin Hurlburt
      • Symantha Johnson
      • Alex Mapstone
      • Renee Orlando
      • Jena Sanderson
      • Alex Tarkowski
    • Since 1970
    • In Our Community
    • Our Logo
  • What We Do
    • Asset Management
    • Financial & Estate Planning >
      • MV Discovery
    • Disclosure
  • Research & Planning Tools
  • Blog
  • Contact
  • Client Login
  • eMoney