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Tom Meaglia, ChFC®, AEP®,


Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120




January/February 2024

It's A New Year - New Tax Rules

Mature couple sitting and managing expenses at home. Happy african man and woman paying bills and managing budget. Black smiling couple checking accountancy and bills while looking at each other.

And here’s a bit of what you should be aware of for your 2024 financial planning.

Tax-free Gifts—You and your spouse can each make gifts of up to $18,000 tax-free in 2024, increased from $17,000 in 2023.**

Overfunded 529 College Savings Plans— Starting this year, you may roll over unused 529 Plan assets to a Roth IRA for your child’s or grandchild’s benefit. The plan must have been created at least 15 years before the rollover. The maximum amount that may be rolled over each year is the lesser of the annual IRA contribution limit or the child/grandchild’s earned income.*

Alternative Minimum Tax—Depending on income, you must calculate any AMT you might owe (at 26% or 28%) if your adjusted gross income (AGI) exceeds the ATM exemption level. You must pay that tax or your regular income tax, whichever is more. For 2024, exemption levels are increased to $133,300 (joint filers) and $85,700 (single) from $126,500 and $81.300 in 2023.**

NOTE: The numbers are the base exemption where the AMT becomes applicable, not where the 28% rate kicks in.

Social Security—This year, you’ll be paying a 6.2% social security tax on up to $168,600. of your earned income, increased from $160,200 in 2023. You’ll pay the 1.4% Medicare tax on all earned income, and an extra .9% tax is applied to earnings above $250,000 (joint filer), $125,000 (single), and $200,000 (other filing statuses). Also for retirees, Social Security benefits will be going up by 3.2%, with an increased top benefit of $45,864, which could mean more of your benefits will be subject to income tax.

HNW individuals work as hard to transfer wealth as they do creating it

* Additional requirements may apply. Discuss 529 tax rules with your tax professional. ** As estimated using US Bureau of Labor Statistics at the time of publication (Bloomberg Tax)


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
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