Hickel CPA

 

Tax | Accounting | Bookkeeping | Payroll

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Knowledge

We're a small office that's big on knowledge and experience.  Even though we have years of experience, the tax code is constantly changing, we invest in continuing education to stay trained and up-to-date on tax matters.

Experience

Hickel CPA has been a part of the Hinsdale business community for over 40 years.  Our key to success is providing you with the best in personalized service from our staff of seasoned professionals. 

Trust

We're not going anywhere. Hickel CPA is a  family owned business and now under ownership of the 2nd generation CPA.  Our clients know we are here to stay.  We care about our clients and it's reflected in our reputation. 

Current News

You can contribute to a Roth IRA  at any age as long as you have earned income for that year. However, there are income limits that determine whether you can contribute the full amount, a reduced amount, or not at all. For 2024, the income limits for conributing to a Roth IRA are based on your modified adjusted gross income (MAGI) and filing status.

 

 

  • Single or Head of Household: You can contribute the full amount if you MAGI is less than $146,000. The contribution limit starts to phase out at $146,000. It phased out completely at $161,000.

 

  • Married Filing Jointly: You can contribute the full amount if your MAGI is less than $230,000. The contribution limit starts to phase out at $230,000. It's pahsed out completely at $240,000.

 

  • Married Filing Separately: If you lived with your spouse at any time during the year, the phase-out range is $0 to $10,000

 

 

 

 

The annual contribution limit for Roth IRA's in 2024 is $7,000 or $8,000 if you're age 50 or older. Keep in mind, these numbers will change annually due to inflation adjustments, so it's important to check for updates each year