[USER]

For Tax Benefits, I did the following for 2024 already:

• Maxed out 401K-$23K
• Maxed out HSA-$8.3K
• Maxed out IRA-$7K

With a salary of $150K, am I missing out on any other Tax savings opportunities?

What are some Tax saving tips for Property taxes and Mortgages? I pay 10K annual property taxes.

Thank you

[Rick]

There may be reasons you are listing lower max amounts than the true max but I cannot tell that from your post.

401k max is $23,000 ($30,500 if age 50+)

Hsa family max is $8,300 ($9,300 if age 55+)

Ira max you got right ($8,000 if age 50+)

If your 401k plan allows mega backdoor Roth (they won’t usually call it that), then your total 401k max is $69,000 ($76,500 if age 50+). This is inclusive of your normal 401k contribution, any employer match or contribution to the 401k, and the mega backdoor Roth part.

[Bryan]

If your employer allows for after tax contributions in your 401k, you can go up to $69,000/$76,500 depending on whether you are 50 and older. That total includes any company match. Then, have that after tax contribution immediately moved to Roth within your 401k.

[Matt]

Next time don’t max your HSA until end of year. Do it all through payroll deductions to save on fica taxes.

[Linda]

If you’re married, and spouse doesn’t have his/her own earned income for an IRA contribution, you can contribute to a spousal IRA.

[Bill]

If you maxed your 401K this early in the year, you may miss out on employer matching contributions the rest of the year. It may depend on how your employer has the plan set up.

Example: my employer matches 5% but if we hit the max employee contribution early in the year, and this can no longer contribute, then they don’t match anything beyond that.

So you may want to check with your plan to verify how yours works.

Another topic: How can I withdraw from my 401k to enjoy it now without depleting it quickly?

[Arzoo]

I hope you are getting a true up match next year for your 401k that you already reached the limit for.

[Suvranil]

If you are doing 401k, you likely aren’t getting deductions for Traditional IRA (I am assuming Traditional IRA since you are referring to tax deductions, Roth doesn’t have tax deductions). I am not an expert though, so talk to a CPA.

If your state allows deductions for 529, you can do that too.

[Author]

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