Common Tax Deductions You Shouldn't Miss
Discover the most overlooked tax deductions and save money on your taxes.
1/1/20251 min read
If you make certain contributions to an employer retirement plan or an individual retirement arrangement (IRA), or if you contribute to an Achieving a Better Life Experience (ABLE) account of which you are the designated beneficiary, you may be able to take a tax credit.
The amount of the saver's credit you can get can be as low as 10% or as high as 50% and is generally based on the contributions you make and your adjusted gross income. The lower your income (or joint income, if applicable), the higher the credit rate; your credit rate also depends on your filing status. These two factors will determine the maximum credit you can take.
If you would like more information please visit Topic No. 610, Retirement Savings Contributions Credit | Internal Revenue Service (irs.gov)
Retirement Savings Contributions
For 2024, the minimum deductible amounts for the qualifying High-Deductible Health Plan (HDHP) will increase a little over six percent—individual coverage will be $1,600 and family coverage will be $3,200.
Jumping down to the maximum contribution levels, the roughly seven percent rate increases will boost individual coverage to $4,150 and family coverage to $8,300. See the table below for details on catch-up contributions and the maximums for HDHP out-of-pocket expenses.
If you would like for information please visit Plan ahead in August of 2023 with updated 2024 HSA limits (healthequity.com)