2024 2023 2022 2021 2020 RETIREMENT PLANS      Elective Deferrals 401(k), 403(b), etc $23,000 $22,500 $20,500 $19,500 $19,500 with over-50 catch-up $30,500 $30,000 $27,000 $26,000 $26,000 Defined Contribution Limits $68,000 $66,000 $61,000 $58,000 $57,000 with over-50 catch-up $75,500 $73,500 $67,500 $64,500 $63,500 IRAs      IRA & Roth Contribution […]

Starting in 2024, a new opportunity emerges for families of college graduates with leftover funds in their 529 plans. New rules that emerged from Secure Act 2.0 pave the way for converting up to $35,000 in unused 529 plan assets to a Roth IRA, provided the following conditions are met: Conditions for Conversion: Conversion Limitations: […]

SECURE 2.0 expands the horizons of Roth savings and creates new restrictions for high earners. Earnings Test for Catch-Up Contributions: SECURE 2.0 brings a significant shift in the retirement savings landscape. All catch-up contributions for employees earning over $145,000 (indexed for inflation) must now flow into the Roth side of their plan. Roth Options for […]

In a landmark move this week, Massachusetts ushered in the first substantial estate tax law changes in 20 years. “An Act to improve the Commonwealth’s competitiveness, affordability, and equity” signed by the Governor, increased the threshold for Massachusetts residents subject to the estate tax from $1,000,000 to $2,000,000. Crucially, this alteration means that individuals passing […]

HIPAA Authorization Once your child turns 18, their health information can no longer be released to you or anyone under the Health Insurance Portability and Accountability Act (HIPAA). This is where the HIPAA Authorization comes in. This document allows your child’s medical team to provide information to the individuals named in the document. Imagine a […]

Cyber security and data protection are something that we take very seriously at Boston Standard.  We retain a firm that monitors our systems 24/7 and works continually to ensure our cyber security systems remain up-to-date.  While we work hard to keep client information safe on our end, it’s equally important that our clients do the same […]

The IRS announced fairly large increases to the plan contribution limits for next year:   2023 2022 2021 2020 RETIREMENT PLANS   Elective Deferrals 401(k), 403(b), etc $22,500 $20,500 $19,500 $19,500 with over-50 catch-up $30,000 $27,000 $26,000 $26,000 Defined Contribution Limits $66,000 $61,000 $58,000 $57,000 with over-50 catch-up $73,500 $67,500 $64,500 $63,500 IRAs   IRA […]

Massachusetts law requires that when tax revenue collections in a given fiscal year exceed an annual tax revenue cap, the excess revenue is returned to taxpayers. The result: between early November and mid-December of this year, taxpayers will receive a refund check (or direct deposit) from the Massachusetts Department of Revenue labeled “MASTTAXRFD.” Your refund […]

What Are I Bonds I bonds are low-risk savings bonds issued by the U.S. Treasury that adjust for inflation. The “I” stands for “inflation.” I bonds earn interest for 30 years or until you cash them out. Like other Treasury bonds, they are tax-free at state and local levels. Unlike other bonds, there is no […]

The financial services industry loves confusing jargon. Workplace retirement plans, like 401(k)s, 403(b)s, and 457s are no exception.  At this point, you have a recommended allocation for your plan that looks something like this: Institutional 500 Index – 34%Extended Market Index – 7%Developed Markets Index -15%Emerging Markets Index – 4%Real Estate Index – 5%Total Bond […]