Link to 2024 tax numbers

Retirement Plan Contribution Limits

• Traditional IRA and Roth IRA Contribution Limit: $7,000 (for age 50 and over: $8,000) subject to phase-outs based on AGI

• 401(k) & 403(b) Elective Deferral: $23,500 (for age 50 and over: $31,000)

• 457 Plan Contribution: $23,500 (for age 50 and over: $31,000) separate from 401(k) & 403(b)

• SEP IRA & Employer Defined Contribution Limit: smaller of $70,000 or 25% of compensation

HSA Contribution Limits

Single Plan

• Age 54 & under: $4,300

• Age 55 & over: $5,300

Family Plan

• Age 54 & under: $8,550

• Age 55 & over: $9,550 (spouse may also contribute $1,000 to a separate HSA if 55 or older, for a total of $10,550)

Already Enrolled in Medicare?

You can no longer contribute to an HSA

Annual Gift Tax Exclusion:

$19,000 per donor per donee

Gifts above this amount (per donor per donee) are not necessarily subject to gift tax; it’s just that you must report the amount over the exclusion via Form 709. These amounts count against your lifetime exemption for gift and estate tax ($13,990,000 in 2025). Assuming you don’t gift or pass on more than this amount (doubled for married couples), you’re not currently at risk of owing gift or estate tax.*

*The current lifetime exemption is set to revert to pre-2018 levels after 2025, cutting the current exception in half unless Congressional action extends them. Therefore, you should consult with your financial and estate planning advisor if you are close to 50% of the current exclusion.

Important Dates

• January 1:

  • Start of the tax year (calendar).

  • Start of Open Enrollment Period for Medicare Advantage

• January 15: Q4 estimated payment deadline for prior year

• April 1: Required Beginning Date (if you turned 73 in 2024) for RMDs

• April 15:

  • Income tax return (Form 1040) filing and payment due

  • Gift tax return (Form 709)

  • Request for automatic six-month extension (Form 4868)

  • Q1 estimated payment deadline

  • Deadline to contribute to IRA or HSA for prior tax year.

• June 16: Q2 estimated payment deadline

• September 15: Q3 estimated payment deadline

• October 15:

  • Extended income tax return (Form 1040) and gift tax return (Form 709) filing deadline.

  • Deadline for SEP IRA Employer contribution for prior tax year (if filing extended)

  • Beginning of Open Enrollment Period for existing Medicare enrollees

• November 1: Start of Open Enrollment Period for ACA Health Insurance Marketplace (a.k.a. Obamacare)

• December 7: End of Open Enrollment Period for existing Medicare Enrollees

• December 15: End of Open Enrollment Period for ACA Health Insurance Marketplace

• December 31:

  • Deadline for satisfying RMDs for the current year

  • Deadline for completing gifts and charitable contributions

  • End of the tax year (calendar)

• January 15, 2026: Q4 estimated payment deadline