The new 2024 contribution limit for 401(k)s is expected to be $23,000, up from $22,500 in the current tax year, Mercer said earlier this month.Ĭatch-up contributions, which are for workers over 50 who want to save an additional amount for retirement, will again be $7,500 in 2024, matching the current year. The IRS is also expected to adjust its contribution limits for 401(k)s, IRAs and other retirement accounts based on inflation, according to consulting company Mercer. Heads of households will have a new standard deduction of $21,900, up from $20,800.Married couples filing jointly will see theirs rise to $29,200, up from $27,700.Single taxpayers will have a standard deduction of $14,600, up from $13,850 this year.Here are the new 2024 standard deduction amounts, according to Bloomberg Tax's forecast:
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