The Internal Revenue Service Recently Released Updated Information for the 2024 Tax Year

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The Internal Revenue Service recently released updated income tax brackets, standard deduction, and retirement contribution limits for the 2024 tax year. While these taxes are not due for some time, it may benefit you to start thinking ahead.

Overall, more than 60 provisions have changed. Here are a few of the most critical tax bracket and retirement contribution limit changes.

TAX BRACKET INFLATION ADJUSTMENT

Overall, tax brackets have been adjusted upwards by 5.4% for 2024. The primary purpose of this adjustment is to account for inflation, which is based on the Consumer Price Index. The government’s goal is to keep income taxes in sync with consumer buying power.

STANDARD DEDUCTION

The standard deduction has increased to $29,200 for married couples filing jointly, up $1,500 from the previous year. For single filers, this number increased by $750 to $14,600.

INDIVIDUAL RETIREMENT ACCOUNTS (IRAS)

IRA contribution limits are up $500 in 2024 to $7,000. Catch-up contributions for those over age 50 remained at $1,000, bringing the total limit to $8,000.

ROTH IRAS

The income phase-out range for Roth IRA contributions increased by $8,000 to $146,000-$161,000 for single filers and heads of household. For married couples filing jointly, phase-out will be $230,000 to $240,000 (a $12,000 increase). Married individuals filing separately see their phase-out range remain at $0-10,000.

WORKPLACE RETIREMENT ACCOUNTS

Those with 401(k), 403(b), 457 plans, and similar accounts will see a $500 increase for 2024, bringing the total maximum contribution amounts to $23,000. The catch-up contribution for those aged 50 and older remains at $7,500, bringing their total limit to $30,500.

GIFT TAX

The annual gift tax exclusion is now $18,000 for 2024, an increase of $1,000 from the previous year.

Remember that we provide updates for informational purposes only, so consult with your tax professional before making any changes in anticipation of the new 2024 levels. You can also contact our offices, and we can provide information about the pending changes.

 

 

Presidential Rank Award Winners Named

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2023 Presidential Rank Awards Winners

FY2023 Distinguished Executive (SES) Recipients

Department Of Agriculture

  • Cathy Glover

Department Of Commerce

  • Marla Dowell
  • Jeffrey L. Payne
  • Stephen M. Volz

Office Of The Secretary Of Defense

  • Christine Marie Condon
  • Laura K. Cooper
  • Paul D. Cramer
  • Anne J. McAndrew
  • Michael D. Payne

Follow link to see full list of winners. https://bit.ly/465nw3J

 

 

Largest Government Employee Survey in the World Highlights Increasingly Resilient and Engaged Federal Workforce

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Employee Engagement Scores at Five-Year High According to 2023 OPM Federal Employee Viewpoint Survey

Washington, D.C. – Source: OPM.gov

The U.S. Office of Personnel Management (OPM) released governmentwide results of the 2023 OPM Federal Employee Viewpoint Survey (FEVS) today. The OPM FEVS is the largest annual survey of government employees in the world that tracks how federal employees view their current work environment, including workforce management, policies, and new initiatives. OPM FEVS is an unmatched government data asset that collects employee feedback from more than 80 executive agencies to assist in driving improvement and supporting the workforce to serve the American people. Click HERE to read full article.

 

With Automatic Benefit Cuts Looming, Nearly All Voters Want Lawmakers to Reform Social Security

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Social Security, America’s essential public retirement program, is on a path to depletion in less than 10 years. Please follow link to read more about this important subject. https://bit.ly/3SojkJf

COUNTDOWN TO THE START OF OPEN SEASON

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Open Season is November 13 – December 11, 2023 – Sign up by December 11
Please note: The Federal Benefits Open Season ends at 11:59pm Eastern Time on Monday December 11, 2023 for the Federal Employees Dental and Vision Insurance Program (FEDVIP) and the Federal Flexible Spending Account Program (FSAFEDS). Open Season for the Federal Employees Health Benefits Program (FEHB) ends at 11:59pm, per the location of your electronic enrollment system, on Monday December 11, 2023.
Welcome to the home page for the Federal Benefits Open Season. Here you will find all the resources you need to make informed decisions about your health, dental, vision, or flexible spending account benefits. Follow link to learn more. https://bit.ly/3tD4p3D