Laura Saunders

speaker

5,937 appearances 109 recordings 1 series first heard Jul 2017 last heard Nov 2024

Laura Saunders’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Tax Season: What You Need to Know Before Filing · 27 Feb 2023 podcast

All of those major changes from the 2017 tax overhaul, they're all slated to expire at the end of 2025. matched

And Congress has to figure out what to do about them. matched

And there's going to be a lot of drama over that. matched

Well, there have been so many inflation adjustments this year, and we get those every year, but they're just a lot higher than this year. matched

For instance, the inflation adjustments have lifted the contribution limits for IRAs and 401ks by quite a bit. matched

I think that for 401ks, it's the highest one-year adjustment ever. matched

For IRAs, the contribution limit went from $6,000 to $6,500, plus more if you're over age 50. matched

So things may look different this year. matched

Well, for 2022, and those are the taxes you are preparing right now, for 2022, the standard deduction is $12,950 for single filers and double that, $25,900 for married couples filing jointly. matched

This is the amount you get to take if you don't list all those deductions on Schedule A, like mortgage interest and charitable contributions and things like that. matched

Now, let's go on. matched

For 2023, inflation has lifted these amounts. matched

The standard deduction for 2023 is $13,850 for single filers and $27,700 for married couples. matched

So that's quite a bit higher than the amount for 2022. matched

Yes, that's right. matched

But for planning purposes, it's in effect for this year, so you need to know what the amounts are, I think. matched

When you're trying to figure out, oh, do I want a bunch of my charitable contributions and make a lot this year or maybe wait until next year, these are good things to pay attention to now, not later. matched

Well, it's changed a good bit. matched

There was a law that passed at the end of 2022 known as Secure 2.0, and it had a whole lot of changes to our retirement plan rules. matched

And one of the big changes was that Congress reset the rules for when savers must start taking money out of their traditional IRAs and 401ks. matched

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