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IMPORTANT!! Everything you need to know to get through tax season

January 24, 2024

It's TAX TIME!  As always, we wanted to remind you of important timeframes, give you some quick tips AND share new information to make this time of the year go as smoothly as possible.  


Please remember that we at Purpose Planning do not control when tax forms become available. The following dates are only guidelines and actual delivery dates may vary.

First, if you have paperless access to your accounts you should log onto those websites now to make sure your login and password are working.  If you are receiving paperless statements and confirmations for an account you may not receive a paper tax form either. Be prepared to log into those accounts to access your tax forms.

The scheduled dates for mailings/postings start January 31st and go through March. 

  • January 31st: 1099-Rs  **Distributions from qualified retirement accounts
  • March 15th: All other 1099s from non-qualified accounts  **You may get initial documents earlier but sometimes those documents end up needing revisions
  • Late March: K-1s and revised 1099s
  • Please make sure you are providing your CPA with the final version of your tax documents, not draft versions.


Tax Day is Monday, April 15th

REMINDER ABOUT QCDs (Qualified Charitable Distributions)

For everyone taking an RMD and gifting to a charity, you have an option that more and more clients are taking advantage of.  This option is called a Qualified Charitable Distribution (QCD).  It allows you to gift money from your IRA directly to a charity and results in this distribution not being taxable.  You can use some or all of your RMD in this way, and if you are gifting to a charity we highly recommend discussing this option with your CPA during this tax season.  

For those of you already taking advantage of this option: please remember that your tax forms do NOT reflect your charitable contribution.  Your tax preparer will file this for you using your 1099R and your receipt from the charitable organization.  Don't forget to discuss this with your tax preparer to insure it is reported correctly.


2024 IRA Contribution Limits HAVE INCREASED

  • Traditional and Roth IRA limits will increase to $7,000
  • If you are 50 or older, you may contribute and additional $1,000 for a total of $8,000
  • You must have earned income to contribute to an IRA
  • Income limits apply to both traditional and Roth IRA contributions

2024 Employer Retirement Plan Contribution Limits HAVE INCREASED

  • If you are under 50 you may contribute up to $23,000 to your 401(k) or 403(b) workplace retirement plan.  **These are your elective deferrals**
  • If you are 50 or over you may contribute an additional $7,500 for a total of $30,500

~ Happy filing!