The IRS recently announced 2025 limits affecting retirement plans and other qualified savings vehicles. New in 2025, you could have a higher catch-up limit of $11,250 in your retirement plan (this is 150% of the normal catchup limit of $7,500) at ages 60, 61, 62, or 63. You will see the changes in bold in this quick reference. For advice on tax planning, contact a SYM advisor. 2025 2024 401(k) Elective Deferrals $23,500 $23,000
Saving is a key element to financial planning. How do you know that you are saving in the right places at the right time? This visual provides guidance around how we at SYM Financial Advisors prioritize savings and investments with tax efficiency in mind. Contact us to dive deeper and customize your financial plan. 800-888-7968.
As typically occurs at year-end, some of the funds in your SYM portfolio are expected to pay capital gains distributions in December. Because such distributions may impact your 2023 tax planning, we’d like to offer some thoughts about the process. Because mutual funds do not pay taxes, they must pay realized gains and income to shareholders in cash. As required by law, mutual funds distribute all realized capital gains and dividends on an
The Tax Cuts and Jobs Act In 2017, The Tax Cuts and Jobs Act doubled the amount that someone could pass to their heirs without incurring Federal estate tax. As a result, many families have enjoyed relief from the federal estate tax. In 2023, an individual can pass just under $13 million ($26 million for a couple) to their heirs without getting hit by the 40% federal estate tax. There is an important caveat note,
The IRS recently announced 2024 limits affecting retirement plans and other qualified savings vehicles. The amounts have increased in almost all categories. You will see the changes in bold in this quick reference. For advice on tax planning, contact a SYM advisor. 401(k) Related Limits 2024 2023 401(k) Elective Deferrals $23,000 $22,500 401(k) Catch-up Contribution $7,500 $7,500 415 Annual Additions Limit $69,000 $66,000 Annual Compensation Limit $345,000 $330,000 Social Security Wage Base $168,600 $160,200
As the April 18th tax deadline is approaching, take some time to consider how the following items may apply to your tax situation before submitting your 2022 return. A quick tax review could save you money. Tax Review Checklist Consider the impact of the following before filing your taxes. Realized Gains & Losses Form 1099-B reports your gains and losses for the year. This comes from your account custodian (Schwab, Fidelity, National Advisors Trust, TD
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(317) 848-2180
9100 Keystone Crossing #560,
Indianapolis, IN 46240
(317) 848-2180
9100 Keystone Crossing #560,
Indianapolis, IN 46240
* SYM Financial Corporation ‘SYM’ is an independent investment advisor registered under the Investment Advisers Act of 1940, as amended. SYM ranked #96 in top fee-only RIA by COMPLY in 2023. This rating is not representative of a client’s experience and is not indicative of future performance. SYM did not pay COMPLY a fee for inclusion in the rankings and data is based on 2023 ADV filings.
The opinions expressed herein are those of SYM Financial Corporation (“SYM”) and are subject to change without notice. This material is not financial advice or an offer to sell any product. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees, and objectives can be found in our ADV Part 2, which is available upon request.
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