Retirement
I am 52, how much can I contribute to an IRA or Roth IRA if I don't participate in a work sponsored retirement plan?
$8,000
In 2024, I am 36 - what amount can I contribute to a Health Savings account if I have a family plan?
$8,300
When will the current tax regime sunset if congress does not take action?
2026
In 2024, what is the annual gift tax exclusion amount?
$18,000
At what age am I eligible to begin Medicare benefits?
65
I am 45, how much can I contribute to my employers 401(k) plan?
$23,000
I'm 53, what is my catch up provision for a Health Savings Account?
None! There is no catch up provision until age 55. At age 55 it is $1000.
In 2024 what is the Standard Deduction for a couple filing jointly?
$29,200
In 2024, what is the estate tax exclusion amount per individual?
$13,610,000
If I delay taking Social Security benefits beyond my full retirement age, at what annual percentage do those benefits grow?
8%
I am 58, how much can I contribute to my employers 401(k) plan?
$30,500
In the 2024 tax year, how much can an individual donate to charity in the form of a qualified Charitable Distribution from their IRA (QCD)?
$105,000
For a married couple, at what amount of adjusted gross income does the Net Investment income tax apply?
$250,000
In the state of Virginia, what is the state Estate tax?
Nothing! This is why it is better to be a Virginia resident :)
What is the social security payroll tax rate?
6.2% for Employees and 6.2% for Employers
I am retired and was born in 1958, when do I need to begin required minimum distributions from retirement plans and IRAs?
In 2024, what counts as a high deductible plan for purposes of contributing to a Health Savings Account. - ie. What does the health plan deductible need to be?
Up to what amount in mortgage indebtedness, can I deduct the interest on my taxes?
$750,000 - $1 million if mortgage was taken out prior to 12/15/2017
What state imposes both an estate and inheritance tax?
Maryland
I am 65 and have Cobra health coverage through my former employer. Does this qualify for the special enrollment period for Medicare?
No
I am married and my spouse is 2 years younger than me, approximately what percentage of my IRAs / Retirement plans do I need to withdrawal the first year of my required minimum distribution?
3.8%-4%
What is the Charitable Contribution Limit for cash donations to a qualified charity?
60% of AGI
What percentage is the Net Investment Income tax?
3.8%
How many states do not levy an Estate tax?
38
My spouse did not work outside the home and started her social security benefits on my record (which I was already receiving) when she turned 64. Is she entitled to 1/2 of my full retirement age benefits?
No - because she started before her full retirement age