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Some of the key highlights that could impact you include:

📌 Higher tax brackets: Inflation will lead to increased income limits for tax brackets, affecting both income and capital gains taxes. Action items include exploring opportunities for zero-capital gains taxes and assessing the appropriateness of Roth conversions.

📌 No required minimum distributions (RMDs) on Roth 401(k)s: Secure 2.0 eliminates RMDs for Roth 401(k)s from 2024, aligning them with Roth IRAs.

📌 Higher contribution limits: Inflation-related adjustments increase contribution limits for retirement accounts, such as 401(k)s and IRAs.

📌 Higher estate, gift tax thresholds: Estate tax exemption rises to $13.61 million per person, allowing married couples to shield over $27 million from federal estate tax. Gift tax exclusion increases to $18,000.

📌 Prescription drug costs: Changes in prescription drug costs for seniors covered by Medicare are expected, driven by the Inflation Reduction Act of 2022.

📌 Long-term-care premium deductibility: Deductibility of long-term-care insurance premiums is adjusted based on age, with varying deduction limits for different age groups in 2024.

While you aren’t faced with many major changes for 2024, tax shifts are on the horizon for 2026 as the Tax Cuts and Jobs Act (TCJA) is set to expire. Don’t let these low tax years pass you by without intentional tax planning.