On July 4th of 2025, the Big Beautiful Bill was signed into law by the 119th United States Congress. Local Edward Jones Financial Advisor Jason Spanhook informs that bill brought forth tax changes for this year:
“As in most years, the amounts you add to your 401K or IRA did increase, consider increasing that with your advisor or with your employer. If you turn 50 in2026, you are at an additional amount,” states Spanhook.
“There were some changes with the charitable contributions. If you took the standard deduction previously, you are not also able to take a charitable deduction. It is $1,000 for an individual and $2,000 for couples. Those that are charitably inclined, that is a big opportunity,” Spanhook adds.
“If you are a high-income earner, over $150,000 and you do make that extra 401K contribution, it has to be ROTH for 2026,” says Spanhook. “If you fall into that category, I encourage you to contact your human resources department to make sure they account for that.”
