Big Changes to 401k Contributions, Standard Deduction, and Tax Brackets

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Some positive things happening because of this crazy high Inflation. 401k contributions will have their biggest increase ever! The standard deduction has been increased, and the tax brackets have all been expanded.
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Опубликовано:

9 сен 2024

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Комментарии : 18

@rosegold_7 Год назад

Thank you. This was so helpful. I just sent it to 5 people. You do such a good job at explaining it in a clear and efficient way. Great info!!

@SchoolofPersonalFinance Год назад

Thanks so much!!

@rosegold_7 Год назад

@@SchoolofPersonalFinance you’re welcome :)

@adamr9458 Год назад

Don’t see how if people are struggling to keep up with inflation. How they will be able to invest more money into a 401k. But cool for the people that can afford it I guess.

@SchoolofPersonalFinance Год назад

Yeah it’s a good point. It won’t help people that don’t have the extra money to save. But the tax brackets and increased standard deduction that will definitely help.

@Talmudets Год назад

@@SchoolofPersonalFinance Thank you for the video. I was looking for answer to this question, not sure maybe it's more personal situation. If myself and spouse filed jointly married, we made x amount in 2022, we still owe about 7k in federal taxes. How can we calculate how much more we need to invest in 401k up to maximum allowance in order to decrease the gap in federal taxes owed vs how much 401k was invested prior to taxes, to calculate how much federal taxes we will pay. Also, what is % amount of federal taxes from net pay or gross pay from each check should be taken out on average to owe less federal taxes at the end of the year. Question about federal taxes only. Thank you!

@dltyler4023 Год назад

Really good/informational post. Thanks for putting it out there.

@SchoolofPersonalFinance Год назад

👍

@LennyGildersleeve Год назад

Great video. I was wondering if I max out my over 50 401k at 30k, will I still get the standard tax deduction of $27, 700 for MFJ? Just wondering if I will only get one or the other...or both? Thanks

@youlookbananas Год назад

I wish this applied to 2022 😢 But good news nonetheless

@SchoolofPersonalFinance Год назад

I hear ya!

@ABQSentinel Год назад

1:03 Overall a good video, but I would advise you to try and get to the point a little faster. Remember, brevity is the soul of wit. You spent nearly 20 seconds going on and on about the pain of inflation when everyone already knows it's painful. When you linger on a point like that, unless you are being REALLY funny, there's a good chance that some people will just hit the back button.