| STANDARD DEDUCTION | 2023 | 2024 |
|---|---|---|
| Married-Joint | $27,700 | $29,200 |
| Single | $13,850 | $14,600 |
| Married-Separate | $13,850 | $14,600 |
| Head of Household | $20,800 | $21,900 |
| Foreign Earned Income Exclusion | $120,000 | $126,500 |
| Maximum Taxable Social Security Earnings Base | $160,200 | $168,600 |
| RATE | SINGLE | HEAD OF HOUSEHOLD | MARRIED-JOINT | MARRIED-SEPERATE |
|---|---|---|---|---|
| 10% | $0 – $11,000 | $0 – $15,700 | $0 – $22,000 | $0 – 11,000 |
| 12% | $11,001 – $44,725 | $15,701 – $59,850 | $22,001 – $89,450 | $11,001 – $44,725 |
| 22% | $44,726 – $95,375 | $59,851 – $95,350 | $89,451 – $190,750 | $44,726 – $95,375 |
| 24% | $95,376 – $182,100 | $95,351 – $182,100 | $190,751 – $364,200 | $95,376 – $182,100 |
| 32% | $182,101 – $231,250 | $182,101 – $231,250 | $364,201 – $462,500 | $182,101 – $231,250 |
| 35% | $231,251 – $578,125 | $231,251 – $578,100 | $462,501 – $693,750 | $231,251 – $346,875 |
| 37% | Over $578,125 | Over $578,100 | Over $693,750 | Over $346,875 |
| RATE | SINGLE | HEAD OF HOUSEHOLD | MARRIED-JOINT | MARRIED-SEPERATE |
|---|---|---|---|---|
| 10% | $0 – $11,600 | $0 – $16,550 | $0 – $23,200 | $0 – $11,600 |
| 12% | $11,601 – $47,150 | $16,551 – $63,100 | $23,201 – $94,300 | $$11,601 – $47,150 |
| 22% | $47,151 – $100,525 | $63,101 – $100,500 | $94,301 – $201,050 | $47,151 – $100,525 |
| 24% | $100,526 – $191,950 | $100,501 – $191,950 | $201,051 – $383,900 | $100,526 – $191,950 |
| 32% | $191,951 – $243,725 | $191,951 – $243,700 | $383,901 – $487,450 | $191,951 – $243,725 |
| 35% | $243,726 – $609,350 | $243,701 – $609,350 | $487,451 – $731,200 | $243,726 – $365,600 |
| 37% | Over $609,350 | Over $609,350 | Over $731,200 | Over $365,600 |
| OVER | BUT NOT OVER | THE TAX IS | …OF AMOUNT OVER |
|---|---|---|---|
| $0 | $2,900 | 10% | $0 |
| $2,900 | $10,550 | $290 + 24% | $2,900 |
| $10,550 | $14,450 | $2,126 + 35% | $10,550 |
| $14,450 | $3,491 + 37% | $14,450 |
| OVER | BUT NOT OVER | THE TAX IS | …OF AMOUNT OVER |
|---|---|---|---|
| $0 | $3,100 | 10% | $0 |
| $3,100 | $11,150 | $310 + 24% | $3,100 |
| $11,150 | $15,200 | $2,242 + 35% | $11,150 |
| $15,200 | $3,660 + 37% | $15,200 |
| EXECPTION | PHASE-OUT THRESHOLD | COMPLETE PHASE-OUT OF EXEMPTION | |
|---|---|---|---|
| Married Filing Jointly | $126,500 | $1,156,300 | $1,662,300 |
| Married Filing Single | $63,250 | $578,150 | $831,150 |
| Single | $81,300 | $578,150 | $903,350 |
| Estates and Trusts | $28,400 | $94,600 | $208,200 |
| EXECPTION | PHASE-OUT THRESHOLD | COMPLETE PHASE-OUT OF EXEMPTION | |
|---|---|---|---|
| Married Filing Jointly | $133,300 | $1,218,700 | $1,751,900 |
| Married Filing Single | $66,650 | $609,350 | $875,950 |
| Single | $85,700 | $609,350 | $952,150 |
| Estates & Trusts | $29,900 | $99,700 | $219,300 |
| FILING STATUS | 0% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS | 15% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS | 20% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS |
|---|---|---|---|
| Married Filing Jointly | Up to $89,250 | $89,251 – $553,850 | Over $553,850 |
| Head of Household | Up to $59,750 | $59,751 – $523,050 | Over $523,050 |
| Single | Up to $44,625 | $44,626 – $492,300 | Over $492,300 |
| Married Filing Separately | Up to $44,625 | $44,626 – $276,900 | Over $276,900 |
| Estates & Trusts | Up to $3,000 | $3,001 – $14,650 | Over $14,650 |
| FILING STATUS | 0% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS | 15% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS | 20% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS |
|---|---|---|---|
| Married Filing Jointly | Up to $94,050 | $94,051 – $583,750 | Over $583,750 |
| Head of Household | Up to $63,000 | $63,001 – $551,350 | Over $551,350 |
| Single | Up to $47,025 | $47,026 – $518,900 | Over $518,900 |
| Married Filing Separately | Up to $47,025 | $47,026 – $291,850 | Over $291,850 |
| Estates & Trusts | Up to $3,150 | $3,151 – $15,450 | Over $15,450 |
| 2023 | 2024 | |
|---|---|---|
| Gift Tax Exemption | $12,920,000 | $13,610,000 |
| Estate Tax Exemption | $12,920,000 | $13,610,000 |
| GST Tax Exemption | $12,920,000 | $13,610,000 |
| Annual Exclusion | $17,000 | $18,000 |
| Annual Exclusion (For gifts to spouses who are not U.S. Citizens) | $175,000 | $185,000 |
| PLAN TYPES | 2023 LIMITS | 2024 LIMITS |
|---|---|---|
| Defined Contribution Plans – 401(k), 403(B) and 457 and Thrift Plans under Age 50 | $22,500 | $23,000 |
| Age 50 and Older | $30,000 | $30,500 |
| Age 50 + Catch-up contributions to 401(k), 403(B), and 457 and Thrift Plans | $7,500 | $7,500 |
| Simple Plans: Under Age 50 | $15,500 | $16,000 |
| Simple Plans: Age 50 and Older | $19,000 | $19,500 |
| Catch-up contributions to SIMPLE’s Age 50 and older | $3,500 | $3,500 |
| Limit on annual contribution to an IRA | $6,500 | $7,000 |
| Age 50 + IRA Catch-Up Contribution | $1,000 | $1,000 |
| Traditional IRA AGI Phase-Out Range (MFJ, Spouse making the IRA contribution is covered by a workplace plan) | $116,000 – $136,000 | $123,000 – $143,000 |
| Traditional IRA AGI Phase-Out Range (MFJ, Contributor is not covered by a workplace plan but spouse is covered) | $218,000 – $228,000 | $230,000 – $240,000 |
| Traditional IRA AGI Phase-Out Range (Single/HOH) | $73,000 – $83,000 | $77,000 – $87,000 |
| Traditional IRA AGI Phase-Out Range (MFS) | $0 – $10,000 | $0 – $10,000 |
| Roth IRA AGI Phase-Out Range (Single/HOH) | $138,000 – $153,000 | $146,000 – $161,000 |
| Roth IRA AGI Phase-Out Range (MFJ) | $218,000 – $228,000 | $230,000 – $240,000 |
| Roth IRA AGI Phase-Out Range (MFS) | $0 – $10,000 | $0 – $10,000 |
| Maximum annual defined contribution plan limit | $66,000 | $69,000 |
| Maximum compensation for calculating qualified plan contributions | $330,000 | $345,000 |
| SEP Annual Contribution Limit (the lesser of 25% of the first $345,000 of compensation or: | $66,000 | $69,000 |
| Threshold for Key Employee in a Top-Heavy Plan | $215,000 | $220,000 |
| Threshold Highly Compensated Employee | $150,000 | $155,000 |
| CONTRIBUTION LIMITS | 2023 | 2024 |
|---|---|---|
| Single/Family | $3,850/$7,750 | $4,150/$8,300 |
| Age 55 + IRA Catch-up Contribution | $1,000 | $1,000 |
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