NTLS-logosNTLS-logosNTLS-logosNTLS-logos
  • Home
  • Our Firm
    • Your Team
    • Second Opinion
    • Our Process
    • Services
    • Fiduciary
    • Annuities
  • Blog
  • ESG
    • Environmental, Social and Governance
  • Client Access
    • Charles Schwab
    • RBC
  • Contact
✕
HEALTH SAVINGS ACCOUNTS
August 18, 2020
NEW TAXATION ON CORPORATE BUYBACKS
September 20, 2022
Published by Kara Marquez on July 29, 2021

2021 DEFERRAL LIMITS

Kara Marquez, CFP®

July 29, 2021

Welcome to the midway point of the year. As we are heading into the final months of the year, checking in on tax-saving strategies is always a good idea.  

Below is a list of some of our most frequently asked limits for Contribution Accounts.

2021 Deferral Limits:

Retirement Savings Accounts:

401ks/403bs/most 457 plans/Thrift Savings Plans: The 2021 annual contribution limit is left unchanged at $19,500. Workers aged 50 and older can make “Catch-Up Contributions” for an additional $6,500, for a total contribution of $26,000.

Traditional IRA/Roth IRAs: The 2021 annual contribution limit is left unchanged at $6,000. If you are over the age of 50, you can make an additional “Catch-Up Contribution” of $1,000, for a total of $7,000. Please work with a CPA or your Tax Software Provider to determine maximum income levels for deductible contributions to Traditional IRAs, and any income phase-out limits for Roth and Traditional IRAs.

Health Savings Accounts:

The annual limit on HSA contributions for 2021 will be $3,600 for self-only and $7,200 for family coverage, which is about a 1.5 percent increase from the 2020 limits. This represents an increase of $50 for self-only coverage and $100 for family coverage compared to 2020. See if your workplace offers an insurance plan that you could combine with a Health Savings Account or consider buying one for yourself if you purchase your own coverage (*must be a High Deductible Health Plan).

Gift Tax Exclusion: The annual gift tax exclusion remains unchanged at $15,000 per individual ($30,000 joint) to prevent the need to file a gift tax return.

While there are other accounts/strategies not mentioned on this list, this tends to be the most frequently asked about in our practice.

Share
48

Related posts

May 11, 2023

FDIC- HOW IT WORKS AND HOW TO MAXIMIZE YOUR COVERAGE


Read more
May 9, 2023

ARE DIVIDEND REINVESTMENT PROGRAMS RIGHT FOR ME?


Read more
May 9, 2023

WHAT DO PICKLEBALL AND INVESTING HAVE IN COMMON


Read more

Contact

Office: (619)573-4590
Fax: 619.255.4273
888 Prospect St, Suite 200
La Jolla, CA 92037
mbehner@nautilusadv.com

We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.

Nautilus Advisors is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Nautilus Advisors and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Nautilus Advisors unless a client service agreement is in place.