End of Year Financial Strategies Quiz

Why is it important to take control of your finances as the year 2024 ends?

• To save money and reduce taxes

• To prepare for unexpected expenses

• To increase spending limits

• To avoid financial audits

What is the maximum contribution limit for a 401(k) in 2024 for individuals under 50?

• $19,500

• $23,000

• $30,500

• $35,000

What additional contribution is allowed for individuals aged 50 or older to their 401(k) in 2024?

• $5,000

• $6,500

• $8,000

• $7,500

How can tax loss harvesting benefit your investment portfolio?

• By reducing investment risks

• By offsetting capital gains

• By increasing investment returns

• By increasing portfolio diversity

What is a key benefit of donating appreciated assets to a charity?

• Increasing taxable income

• Reducing asset depreciation

• Increasing asset value

• Avoiding capital gains taxes

What is a significant advantage of 529 plans for education savings?

• They are insured by the government

• They offer high interest rates

• Withdrawals are tax-free for qualified expenses

• Contributions are tax-deductible

What is the contribution limit for a Health Savings Account (HSA) for family coverage in 2024?

• $8,300

• $6,750

• $4,150

• $10,000

Why might someone delay income until January if they expect to be in a lower tax bracket next year?

• To qualify for more tax credits

• To avoid paying taxes altogether

• To reduce their taxable income for the current year

• To increase their current year's tax refund

What is a Qualified Charitable Distribution (QCD) used for?

• To defer taxes on retirement accounts

• To increase charitable donations

• To fulfill RMD obligations while reducing taxable income

• To increase retirement savings

What is the lifetime gift tax exemption amount for 2024?

• $11.58 million

• $12.06 million

• $13.61 million

• $14.25 million