Ep# 23 New Year, New Changes

That Financial Guy

There are some new tax law changes for 2025! 401k contribution limits have changed to $23,500. Over 50 is $31,000. There is now a new "super" catch up provision for ages 60 to 63 with a maximum 401k contribution of $34,750.
Inherited IRA's will now have to start taking required minimum distributions as well as empty that IRA within 10 years (if you inherited the IRA in 2020 or later)
If the Tax Cuts and Jobs Act is not extended by the end of 2025, then we revert back to the old and higher tax rates. Odds are that it will be extended. Many other tax and retirement account changes have taken place as well.
For the complete 2025 tax summary: https://www.johnhancock.com/content/dam/onejohnhancock/pdfs/annuities-media/TRGFLY_Tax_Guide.pdf
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