"IRS Updates: 2024 Contribution Limits, Tax Brackets, and FBAR Examinations"

The IRS has announced increased contribution limits for 401(k) plans in 2024, with catch-up contributions also receiving a minor adjustment. The limit for 401(k) contributions has been raised to $23,000 from $22,500, while the catch-up contribution limit for individuals aged 50 and above remains at $1,000. These tax-advantaged retirement accounts allow individuals to grow their assets without the tax friction experienced in typical brokerage accounts. Catch-up contributions can be advantageous for those aged 50 and above, resulting in significant additional retirement savings over time. The IRS has also adjusted tax brackets and standard deductions for the 2024 tax year, potentially providing Americans with increased take-home pay.