Important Tax Numbers for 2024
The IRS released its annual inflation-adjusted tax bracket information for 2024. Below are some highlights for your information and tax planning this year. Please contact one of our teammates with any questions you may have or if we can be of any assistance.
| $0-$11,600 | 10% | |
| Over $11,601 - $47,150 | $1,160 + 12% of amount of $11,600 | |
| Over $47,151 - $100,525 | $5,426 + 22% of amount over $47,150 | |
| Over $100,526 - $191,950 | $17,168.50 +24% of amount of $100,525 | |
| Over $191,951 - $243,725 | $39,110.50 + 32% of amount of $191,950 | |
| Over $243,726 - $609,350 | $55,678.50 + 35% of amount of $243,725 | |
| Over $609,351 | $183,647.25 + 37% of amount of $609,350. | |
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| Income Tax Brackets | ||
| $0-$23,200 | 10% | |
| Over $23,201 - $94,300 | $2,320 + 12% of amount over $23,200 | |
| Over $94,301 - $201,050 | $10,852 + 22% of amount over $94,300 | |
| Over $201,051 - $383,900 | $34,337 +24% of amount over $201,050 | |
| Over $383,901 - $487,450 | $78,221 + 32% of amount over $383,900 | |
| Over $487,451 - $731,200 | $111,357 + 35% of amount over $487,450 | |
| Over $731,201 | $196,669.50 + 37% of amount over $731,200 | |
| Standard Deduction – Single/Married Filing jointly | $14,600/$29,200 |
| $0-$3,100 | 10% |
| Over $3,101 - $11,150 | $310 + 24% of amount over $3,100 |
| Over $11,151 - $15,200 | $2,242 + 35% of amount over $11,151 |
| Over $15,201 | $3,659.50 +37% of amount over $15,200 |
| Capital Gains Taxes | ||
| 0% Rate | 15% Rate | 20% Rate |
| (Single) $0-$47,025 | (Single) $47,026 - $518,900 | (Single) Over $518,900 |
| (MFJ) $0-$94,050 | (MFJ) $94,051 - $583,750 | (MFJ) $583,750 |
| (Trust) $0-$3,150 | (Trust) $3,151 - $15,450 | (Trust) $15,450 |
| Gift and Estate Taxes | |
| Annual Gift Exclusion | $18,000 |
| Annual Gift Tax Exclusion to Non-U.S. Citizen Spouse | $185,000 |
| Maximum Transfer Tax Rate | 40% |
| Federal Estate Tax & Gift Tax Exemption | $13,610,000 |
| 401(k), 403(b) & 457 plan contributions | $23,000 |
| - Catch up provisions for 50 and over | $7,500 |
| Defined Contribution Plan contributions | $69,000. |
| SIMPLE Plans | $16,000 |
| - Catch up provisions for 50 and over | $3,500 |
| Traditional IRA and Roth IRA contributions | $7,000 |
| - Catch up provisions for 50 and over | $1,000 |
Important: This article does not contain any legal or tax advice. You should always consult your attorney, accountant or other professional advisors before changing or implementing any tax, investment or estate planning strategy.
IRS Circular 230 Disclosure: Pursuant to IRS Regulations, we inform you that any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax related penalties or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.