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IRS announces new tax brackets and changes for 2024.
Highlights of changes in Revenue Procedure 2023-34:
The tax year 2024 adjustments described below generally apply to income tax returns filed in 2025. The tax items for tax year 2024 of greatest interest to most taxpayers include the following dollar amounts:
401(k), IRA, HSA, FSA, Annual Gift Exclusion etc.
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Refund of fees paid through 529-Plan from college
You can write a letter within 60 days of refund explaining why there was a refund and they will add to the 529-Plan. Reason for refund could be reduction in fees, cancellation of class(es), excess amount paid etc.
(thanks to @Anand Kumar Sankaran for the info)
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What happens to excess contributions to 529-Plan
Under the new SECURE 2.0 Act passed recently, your excess contributions to 529-Plan can be transferred to Roth IRA for your beneficiaries of 529-Plan. Below is a summary of the rules effective 2024:
• The money must be moved directly from 529 plan to Roth IRA
• The Roth IRA receiving the funds must be in the name of the beneficiary of the 529 plan
• 529 contributions and earnings go into Roth IRA in like- kind
• Beneficiary must have “compensation” - children's earning years
• The 529 plan must have been maintained for 15 years or longer
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