CWG Insight Series: 2024 Tax Updates

With 2024 open enrollments beginning, we wanted to share with you some important changes for 2024. Please be sure to take advantage of everything you can and if you have any questions about your personal situation, please reach out to your Crown Personal CFO.
 
 Gift tax exemption: $18,000 gift per individual from each individual, so $36,000 from a married couple to each individual
 Estate tax exemption: $13,610,000 per individual, so $27,220,000 per married couple
 401k contribution: $23,000. Those 50 and older can contribute an additional $7,500 as a catch-up contribution.
 HSA contributions: $4,150 for self-only coverage and $8,300 for family coverage. Those 55 and older can contribute an additional $1,000 as a catch-up contribution.
 Electric Vehicle credit: Starting in January, EV buyers get up to $7,500 off the purchase right at the dealership, rather than wait months until filing their tax return to get the credit.