Getting ready for your
2024 tax meeting.
Make the most of the dreaded task of filing your income
tax return.
No one likes paying taxes. And unless you're getting paid to do it, no one
likes filing them either. But, tax season presents a chance to uncover
planning opportunities that could help put (or keep) money on your side of
the table.
Here are a few topics to consider as you get ready to meet with your tax
preparer or complete your own filing.
1. IRA accounts
IRA contributions are one of the few actions you can take after the end of the tax year but
before filing your taxes. The deadline to make a contribution to an IRA for the 2023 tax year is
April 15, 2024. Consider a 2023 contribution if you haven't already made one, and plan potential
2024 IRA contributions. Note the following contribution limits:
2023 2024
IRA type Contribution limit Catch-up (age 50+) Contribution limit Catch-up (age 50+)
Traditional nondeductible $6,500 $1,000 $7,000 $1,000
Traditional deductible $6,500 $1,000 $7,000 $1,000
Roth IRA* $6,500 $1,000 $7,000 $1,000
Questions: What is best for me, a traditional IRA or Roth IRA? Should I consider a Roth
conversion? How much can I contribute?
*Subject to income limits and filing status. Source: IRS Publication 590-A
