Tax Planning Rules Investors Should Know in 2024

John Robinson |
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Tax Rules
Tax Planning

By John H. Robinson, Financial Planner (February 8, 2024)

Keeping up with ever-changing tax rules is a challenging task, even for financial and tax professionals.  To help make planning easier for Financial Planning Hawaii clients, at the beginning of each year, I share my favorite summary tables from among the various versions that investment product companies give to us as part of their marketing/branding efforts.  

Although I have not used their funds with Financial Planning Hawaii clients, my perennial favorite tax “cheat sheet” has been produced by Putnam Investments.  The tables cram an incredible amount of useful information into a two-page, easy-to-read summary.  I usually create laminated copies for my briefcase and also keep copies for quick reference under my transparent mylar desk blotter.

 

Putnam Investments - 2023 Tax Rates, Schedules, and Contribution Limits

Putnam Investments - 2024 Tax Rates, Schedules, and Contribution Limits

 

This year, however, I have crowned a new tax-hack champion – Athene.   Although I am no great fan of index annuities (Athene’s mainstay product line), in my opinion, Athene’s cheat sheets are best-in-class.  

 

Athene – 2024 Tax Reference Guide

Athene – 2023 & 2024 Tax Tables

 

Easily find IRA and 401(k)/403(b) contribution limits, IRA and Roth IRA eligibility requirements, federal gift and estate tax limits, federal marginal income tax brackets, the current IRMAA threshold, the Social Security wage base, Kiddie Tax rules, IRS RMD tables, etc. This and much more useful tax planning information is presented in easily digestible pieces in Athene’s masterworks.

Although it might be a stretch to suggest that these documents will make tax planning enjoyable, they may make planning easier, and, to the extent that knowing the tax rules may save you money and/or avoid mistakes, they may very well make you happier.

 

John H. Robinson is the owner/founder of Financial Planning Hawaii and Fee-Only Planning Hawaii. He is also a co-founder of fintech software maker Nest Egg Guru.