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Important Tax Numbers for 2024

By: Old Point Wealth Management / 05 Dec 2023
Doing Taxes on Laptop

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.

 

Income Taxes
IncomeTax Brackets
(Single Taxpayers)

$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.

 

Income Tax Brackets
(Married Filing Jointly - "MFJ")

$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

 

Income Tax Brackets (Estates and Trusts)

$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

 

 

Contribution Limits for 2024 Retirement Plan Accounts

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.

 

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