Wrapping Up 2024: Year-End Deadlines and Holiday Hours
December 20th, 2024
As the holiday season approaches, we want to make sure you have everything you need to close out the year with confidence. Below are some dates and deadlines to keep in mind:
Year-End Deadlines to Watch
- Workplace Retirement Plans:
Contributions to workplace retirement plans like 401(k)s and 403(b)s must be finalized by December 31, 2024. The annual limit for 2024 contributions is $23,000, with an additional $7,500 catch-up contribution for those aged 50 or older.
- 529 College Savings Plans:
Contributions made by December 31 may qualify for state-level tax benefits, depending on your state’s rules. Be aware of federal gift tax limits: $18,000 per person per beneficiary for 2024. You can also take advantage of a five-year gifting provision, allowing up to $90,000 per beneficiary without triggering gift taxes.
- Required Minimum Distributions (RMDs):
If you are 73 or older, you must take your RMD by December 31 to avoid a penalty. First-time RMD recipients can delay until April 1 of the following year, but this could result in higher taxable income if two distributions occur in the same year. Contributions to traditional, ROTH, and SEP IRA accounts may be made until the 2025 tax-filing year to qualify as a 2024 filing year contribution.
Kindly note our office will be closed in line with market hours on Tuesday, December 24th, 2024, at 1 PM E.T., and for the day on both Wednesday, December 25th, 2024, and Wednesday, January 1st 2024.
With the holiday season comes increased transaction volume, which can lead to longer than usual processing times. Please note that check disbursements and other money movements will not be processed Wednesday, December 25, and Wednesday, January 1 as banks will also be closed and will occur next business day (any requests submitted after 1:00 p.m. ET on Tuesday, December 24, or after end of day on Tuesday, December 31 will be processed on Thursday, December 26 or Thursday January 2, respectively). That said, submitting your requests early is the best way to ensure timely completion. We’re here to guide you through the process and make it as seamless as possible.
From all of us at Centerpoint Advisors, we wish you a joyful holiday season filled with warmth, happiness, and time spent with loved ones. Here’s to a prosperous 2025! If you need assistance, please do not hesitate to contact our office during our business hours.
