Get Ready for 2023 Tax Season

Gather and organize your tax records

Organizing your records before filing prevents refund delays and ensures every deduction is captured:

• W2 forms from employers
• Form 1099 from banks, brokerages, unemployment compensation, dividends, pensions, annuities, or retirement plans
• Form 1099K, 1099 MISC, and other gig economy income records
• Records of virtual currency transactions and Form 1099 INT for interest received
• Form 1095A Health Insurance Marketplace Statement to reconcile advance Premium Tax Credits

2024 retirement limits and IRA phase out ranges

401(k), 403(b), most 457 plans, and the federal Thrift Savings Plan increased to $23,000 ($30,500 for age 50+). Traditional and Roth IRA limits increased to $7,000 ($8,000 for age 50+).

Traditional IRA phase out ranges for 2024: $77,000 to $87,000 (single covered by workplace plan), $123,000 to $143,000 (married filing jointly when contributing spouse is covered), and $230,000 to $240,000 (married to a covered spouse). Roth IRA phase out ranges: $146,000 to $161,000 (single and head of household) and $230,000 to $240,000 (married filing jointly).

SECURE 2.0 exceptions to the 10% early withdrawal penalty

Key exceptions to the 10% additional tax before age 59.5 include birth or adoption ($5,000 per child), federally declared disaster recovery distributions (up to $22,000), domestic abuse victim distributions (up to the lesser of $10,000 or 50% of account), emergency personal expenses (up to $1,000 once per year), qualified first time homebuyers (up to $10,000 from an IRA), unreimbursed medical expenses above 7.5% of AGI, qualified higher education expenses, and terminal illness distributions.