Resources
2023
2024
2023
MAXIMUM IRA CONTRIBUTION
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2023 $6,500
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Age 50 or older $7,500
401K AND 403B CONTRIBUTION
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2023 $22,500
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Age 50 or older $30,000
SIMPLE PLANS
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2023 $15,500
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Age 50 or older $19,000
DEFINED CONTRIBUTION PLAN
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Annual Total $66,000
SEP PLAN CONTRIBUTIONS
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25% of compensation $330,000
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Maximum contribution $66,000
FICA WAGE BASE
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Social Security $160,200
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Medicare no limit
ARIZONA TAX CREDIT DONATIONS
Qualifying Charitable Organizations:
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Married Joint: $841
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All Others: $421
Qualified Foster Care Credit:
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Married Joint: $1,051
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All Others: $526
Public & Charter Schools
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Married Joint: $400
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All Others: $200
School Tuition Organizations:
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Married Joint: $2,609
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All Others: $1,307
DEDUCTION LIMIT FOR LONG TERM CARE INSURANCE
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Age 40 or less $480
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Age 41-50 $890
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Age 51-60 $1,790
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Age 61-70 $4,770
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Age 71 and older $5,960
STANDARD MILEAGE RATES
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Business: .655/mi
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Medical or Moving: .22/mi
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Charitable: .14/mi
HSA CONTRIBUTIONS
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2023 amounts Self Only/Family Coverage
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Contribution Limit $3,850/$7,750
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Age 55 & Over Additional Catch Up $1,000/ –
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Plan minimum deductible $1,500/$3,000
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Plan out-of-pocket limit $7,500/$15,000
AGI LIMITS FOR ROTH IRA CONTRIBUTIONS
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Single, Head of Household $138,000 – $153,000
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Married Filing Joint or Qualifying Widow $218,000 – $228,000
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Married Filing Separate $0 – $10,000
2024
MAXIMUM IRA CONTRIBUTION
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2024 $7,000
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Age 50 or older $8,000
401K AND 403B CONTRIBUTION
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2024 $23,000
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Age 50 or older $30,500
SIMPLE PLANS
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2024 $16,000
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Age 50 or older $19,500
DEFINED CONTRIBUTION PLAN
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Annual Total $69,000
SEP PLAN CONTRIBUTIONS
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25% of compensation $345,000
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Maximum contribution $69,000
FICA WAGE BASE
-
Social Security $168,600
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Medicare no limit
ARIZONA TAX CREDIT DONATIONS
Qualifying Charitable Organizations:
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Married Joint: $938
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All Others: $470
Qualified Foster Care Credit:
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Married Joint: $1,173
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All Others: $587
Public & Charter Schools
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Married Joint: $400
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All Others: $200
School Tuition Organizations:
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Married Joint: $2,910
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All Others: $1,459
DEDUCTION LIMIT FOR LONG TERM CARE INSURANCE
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Age 40 or less $470
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Age 41-50 $880
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Age 51-60 $1,760
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Age 61-70 $4,710
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Age 71 and older $5,880
STANDARD MILEAGE RATES
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Business: .670/mi
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Medical or Moving: .21/mi
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Charitable: .14/mi
HSA CONTRIBUTIONS
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2024 amounts Self Only/Family Coverage
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Contribution Limit $4,150/$8,300
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Age 55 & Over Additional Catch Up $1,000/ –
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Plan minimum deductible $1,600/$3,200
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Plan out-of-pocket limit $8,050/$16,100
AGI LIMITS FOR ROTH IRA CONTRIBUTIONS
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Single, Head of Household $146,000 – $161,000
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Married Filing Joint or Qualifying Widow $230,000 – $240,000
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Married Filing Separate $0 – $10,000