FYI...401k, IRA and HSA contributions increasing for 2024

[Skooby]

https://thefinancebuff.com/401k-403b-ira-contribution-limits.html#htoc-hsa-contribution-limit

IRA, both traditional and Roth: increasing $500 from $6,500 to $7,000.

401k and TSP (governments 401k): increasing from $22,500 to $23,000.

HSA: increasing from $3,850 to $4,150.

These are all amounts for single people. Amounts could be different for married couples.

Adjust accordingly...

 

[Da Jungles]

 

[chineebai]

Pathetic increases
Should be tied to inflation.

 

[-DMP-]

nice, thry increased the income limit on Roth.

 

[Heafcliffe]

https://thefinancebuff.com/401k-403b-ira-contribution-limits.html#htoc-hsa-contribution-limit

IRA, both traditional and Roth: increasing $500 from $6,500 to $7,000.

401k and TSP (governments 401k): increasing from $22,500 to $23,000.

HSA: increasing from $3,850 to $4,150.

These are all amounts for single people. Amounts could be different for married couples.

Adjust accordingly...

for sharing this...

 

[chineebai]

FSA also going up also 3050 to 3200

Ideally if you can, participate in as many as you can. Makes a big difference on taxable income. One thing to watch out for is hsa and fsa. You cannot have both and if you’re married you can’t have both between both spouses. For example if you have hsa then your wife cannot have fsa unless it is a limited coverage fsa for only dental and vision.

Another tax savings is some states offer 529 plans with a certain amount tax free. Nys offers up to 10k for married couples.

 

[Pete Wrigley]

Just an FYI, an HSA can been a great option for investing. That shyt is versatile AF

 

[-DMP-]

Can’t you only use HSA for medical expenses tho?

 

[Skooby]

Can’t you only use HSA for medical expenses tho?

Once you turn 65 I believe you can use it for non-medical purposes. However, you have to pay income tax.

HSA's for qualified medical expenses are tax-free.

 

[Hawaiian Punch]

FSA also going up also 3050 to 3200

Ideally if you can, participate in as many as you can. Makes a big difference on taxable income. One thing to watch out for is hsa and fsa. You cannot have both and if you’re married you can’t have both between both spouses. For example if you have hsa then your wife cannot have fsa unless it is a limited coverage fsa for only dental and vision.

Another tax savings is some states offer 529 plans with a certain amount tax free. Nys offers up to 10k for married couples.

On it all. FSA, DCA, 529. Trying to make out on it all. For the uninitiated it’s just a way to get more of your money pre tax and lower the taxable income. Legal accounting tricks that ultimately put more of your money in your pocket that you worked for.

 

[Serious]

Bump

 

[The BasedFather]

Is an HSA worth having? I have one from my old job. Got like $600 in it. Was gonna pull the money but reconsidering

 

[Skooby]

Is an HSA worth having? I have one from my old job. Got like $600 in it. Was gonna pull the money but reconsidering

If you're fairly healthy I recommend getting a HDHP so you can invest in an HSA.

You'll thank yourself when you get older and you have medical expenses. It works like a Roth IRA in the sense that the earnings grows tax-free and you can withdraw the money for medical expenses without penalty.