Key Tax Numbers You Need to Know for 2025
As we kick off 2025, staying informed about critical tax and contribution limits is essential for your financial planning. To help you navigate the year ahead, I’ve compiled some of the most important numbers for 2025. Whether you're saving for retirement, managing healthcare expenses, or planning your estate, these updates can guide your financial decisions.
Here are a few highlights:
- 401(k) Contribution Limit: $23,500 (plus an additional $7,500 catch-up for those aged 50+). However, if you are between age 60-63, starting this year, you can save an additional $11,250 instead of $7,500.
- IRA Contribution Limit: $7,000 (with a $1,000 catch-up for those aged 50+).
- Health Savings Account (HSA): $8,550 for family coverage ($4,300 for individuals, with a $1,000 catch-up if you’re 55+).
- IRMAA Brackets for Medicare Premiums: Adjusted based on your Modified Adjusted Gross Income (MAGI) to determine Part B and D premiums.
- Estate and Gift Tax Exclusions: $19,000 annual gift tax exclusion per person and a $13,990,000 lifetime exemption. Remember, this lifetime exemption is supposed to HALVE in 2026.
These numbers represent just the tip of the iceberg for planning your financial year. To make it easier for you to access all the relevant 2025 figures, I’ve prepared a detailed template. It’s designed for easy reference and can be a handy tool throughout the year.
Download the Full 2025 Tax & Contribution Limits Template Here:
By staying proactive with these updates, you can maximize your savings, minimize taxes, and align your financial plans with your life goals. If you have questions about how these changes impact your personal situation, feel free to reach out. Let’s make 2025 your most financially strategic year yet!
Wishing you a prosperous and fulfilling year ahead!
