Important Dates & Numbers for 2024

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Tax Planning

Estimated Tax Payment Due Dates

Estimated tax payments for 2024 due dates:

  • April 15
  • June 17
  • September 16
  • January 15 (2025)

Estimated tax payments for 4th quarter 2023:

  • January 16 (2024)

Key Dates for Tax Forms From Fidelity & Other Firms

  • January 31:
    • Most 1099-Rs for IRA distributions due to be sent out
    • Most 1099-Qs for 529 account distributions due to be sent out
    • W-2s are due to be sent out
  • February 15 (but more realistically February 28):
    • 1099s for taxable accounts due to be sent out
  • April 15:
    • Individual 1040 tax returns are due

 

Key Numbers for 2024

Retirement Contributions

401(k)/403(b) contributions:

  • $23,000
  • Over 50 catchup contribution - $7,500

 

IRA/Roth IRA contributions:

  • $7,000
  • Over 50 catchup contribution - $1,000

 

AGI threshold for Roth contributions

  • $230,000 filing joint
  • $146,000 filing single

Note: You can make a prior year IRA/Roth contribution until April 15.

Taxes

Standard Deduction:

  • Married: $29,200
    • 65 and older: $1,550 per person
  • Single:  $14,600
    • 65 and older: $1,950

Gifting

Gift Tax Annual Exclusion:

  • $18,000

 

Important Information  

 

Advisors Financial, Inc. (“AFI”) is a registered investment advisor.  Advisory services are only offered to clients or prospective clients where AFI and its representatives are properly licensed or exempt from licensure. 

 

The information provided is for educational and informational purposes only and does not constitute investment advise and it should not be relied on as such.  It should not be considered a solicitation to buy or an offer to sell a security.  It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon.  You should consult your attorney or tax advisor.

 

The views expressed in this commentary are subject to change based on market and other conditions.  These documents may contain certain statements that may be deemed forward looking statements.  Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.  Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.

 

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.  There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.