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What is the Estate and Gift Tax Exclusion? The Estate and Gift Tax Exclusion sets the threshold at which estates and individuals begin paying federal taxes based on their net worth and gifts given to others. This means estates do not pay federal taxes until they exceed this total value of all of their assets. 

Brenda Quinn, EA • 

As the end of 2024 draws near, many people are embracing the season of giving. Whether you’re considering personal gifts for friends and family or thinking about making a meaningful contribution to charitable organizations, now is the perfect time to plan ahead. Please find some information below related to gifting. 

​On November 1st, the IRS released Notice 2023-75 which provides cost of living adjustments for retirement plans for 2025. 
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401(k), 403(b), most 457 plans, and Thrift Savings Plan contribution limits has increased to $23,500 ($23,000 in 2024). The annual catch-up limitation for employees aged 50 and over remained the same from 2024 at $7,500. Under change made in SECURE 2.0, a higher catch up contribution limit of, $11,250 instead of $7,500 applies to employees aged 60, 61, 62 and 63. 

​At what age do you have to start taking required minimum distributions (RMDs) from your IRA or retirement plan (401K or 403(b))?
 
Have you heard about the Setting up Every Community for Retirement Enhancement (SECURE ACT) tax legislation? Effective January 1, 2020, the SECURE 1.0 Act raised the minimum age for RMDs from 70 ½ to 72. But wait… that’s not all; then came along SECURE 2.0 which raised the age required to start your RMDs to 73 years of age, beginning on January 1, 2023. The RMD age is again being raised on January 1, 2033 to 75 years.