2024 Tax Law Changes and Limits

The video explains significant tax changes for 2024, including federal income tax brackets, capital gains tax rates, standard deductions, and child tax credits. It also covers the American Opportunity Tax Credit, 401k and IRA contribution limits, Social Security adjustments, gift tax changes, HSA limits, and the Earned Income Tax Credit. High-priority changes include beneficial ownership reporting and IRS interest rates. The video emphasizes consulting a professional for tax advice.

What is the new income limit for single individuals to pay zero tax in the 2024 federal income tax bracket?

• $2,000

• $1,600

• $1,200

• $1,800

What is the proposed maximum child tax credit per child for 2024?

• $900

• $1,600

• $2,000

• $1,800

How much can individuals contribute to their 401k plan in 2024?

• $21,500

• $24,000

• $23,000

• $22,500

What is the percentage increase in Social Security benefits for 2024?

• 3.2%

• 3.5%

• 4.0%

• 2.5%

What is the new gift tax limit for 2024?

• $177,000

• $188,000

• $200,000

• $190,000

What is the maximum amount you can receive from the earned income tax credit in 2024?

• $7,830

• $7,000

• $6,000

• $8,000

What is the penalty for not reporting beneficial ownership information to FinCEN?

• $200 per day

• $1,000 per day

• $500 per day

• $100 per day

What is the new threshold for form 1099-K reporting in 2024?

• $10,000

• $600

• $5,000

• $2,000

What is the interest rate for individual tax overpayments in 2024?

• 7%

• 8%

• 6%

• 9%

Which of the following is NOT a change mentioned for 2024 tax laws?

• Increase in 401k contribution limits

• Decrease in capital gains tax rates

• Increase in standard deductions

• Changes in form 1099-K reporting