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By Staff Reporters
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Changes to a popular 401(K) tax deduction are set to hit millions of high-earning Americans from next year. Workers over the aged of 50 are entitled to make catch-up contributions to their 401(K)s worth up to $7,500 this year. The annual cap on all contributions is $30,000.
CITE: https://www.r2library.com/Resource
But from 2024, those earning over $145,000 will no longer be able to put these catch-up payments into a traditional 401(K). Instead, the money will be only funneled into a Roth IRA account, according to new rules passed through Congress in December.
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Filed under: "Ask-an-Advisor", Accounting, Funding Basics, Investing, Retirement and Benefits, Taxation | Tagged: 401[k], Accounting, earners, high earners, high income, Lose 401(k) Tax Deduction, tax breaks | Leave a comment »
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