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New Year Financial Changes: 2023

Updated: Sep 5, 2023

529k funds can be rolled over into a Roth IRA


Beginning in 2024, tax and penalty-free rollovers from 529 plans to Roth IRA accounts for up to $35,000 are permitted throughout their lifetime. Roth IRA annual contribution limits apply to the rollover. The contribution limit for 2024 is scheduled to be $6,500 for those under 50.

Check the IRS Newsroom for upcoming details.


Electric vehicle tax credit available of up to $7,500


A new EV tax credit will offer consumers between $3,751 to $7,500 off the purchase of an electric vehicle, depending on the size of the car battery (Understand a tax credit). There are additional restrictions that will be shared in the IRS Newsroom. As you can see below, the IRS has released a list of vehicles that qualify as of January 1, 2023:


401k max contribution increases to $22,500, and Roth IRA max contribution increases to 6,500


"The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500, up from $20,500." - IRS

HSA contribution limit increases to $3,850 (individual); $7,750 (family)


Numerous changes to all income tax brackets


On October 18, 2022, the IRS announced tax inflation adjustments for the tax year 2023. Regarding married couples, the adjustments included new federal income tax brackets and a new standard deduction. Read about the new federal income tax brackets, standard deductions, and how tax brackets, deductions, and credits work.

 

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