2024 Tax and Retirement Planning Information
Below is some information that you may find helpful as you consider your 2024 taxes, however, be sure to consult a trusted tax advisor for exact figures and with any questions regarding your specific personal tax needs and opportunities.
Income Tax Rate Schedules for 2024
| Tax Rate |
Single |
Married Filing Jointly |
|---|---|---|
|
10% |
$0 to $11,600 |
$0 to $23,200 |
|
12% |
$11,601 to $47,150 |
$23,201 to $94,300 |
|
22% |
$47,151 to $100,525 |
$94,301 to $201,050 |
|
24% |
$100,526 to $191,950 |
$201,051 to $383,900 |
|
32% |
$191,951 to $243,725 |
$383,901 to $487,450 |
|
35% |
$243,726 to $609,350 |
$487,451 to $731,200 |
|
37% |
Over $609,350 |
Over $731,200 |
2024 Standard Deduction
- Married couples filing a joint return - $29,200
- Single return filers - $14,600
2024 Personal Exemption Amount - The personal exemption amount is suspended until 2025.
2024 Taxation of Dividends and Long-Term Capital Gains
Qualifying dividends and long-term capital gains (assets held for more than a year) will be taxed at 0%, 15%, or 20%.
| Rate | Single Income Limits | Married Filing Jointly |
| 0% | $0-$47,025 | $0-$94,050 |
| 15% | $47,026-$518,900 | $94,051-$583,750 |
| 20% | Over $518,900 | Over $583,750 |
2024 Medicare Surtaxes
As part of the health care reform enacted in 2010, additional Medicare surtaxes begin in 2013 for high-income wage earners. A 2.35% Medicare tax (regular 1.45% medicare tax plus 0.9% additional Medicare tax) will be applied when a taxpayer’s Modified Adjusted Gross Income (MAGI) exceeds a threshold of $200,000 for single filers and $250,000 for joint filers.
Estate Taxes
- 2024 Estate size taxation starts at $13,610,00 with a top estate tax rate of 40%
Regular IRA and Roth IRA Contribution Limits
Tax year 2024 IRA contribution limit is $7,000; additional contribution limits for those 50 and over is $1,000.
401(k) Retirement Plan Contribution Limits
Tax year 2024 401(k) contribution limit is $23,000; additional contribution limits for those 50 and over is $7,500.
Education (or Coverdell) IRAs
For 2024, the annual contribution limit is $2000 with eligibility phase out beginning at $220,000 (for married filing jointly) and $110,000 of Adjusted Gross Income (some modifications apply).
Annual Gift Tax Exclusion
For 2024, gifts of $18,000 and under are not subject to gift tax.
2024 Payroll Taxes – Social Security and Medicare
- 2024 Employee wages subject to Social Security tax of 6.2% on the first $168,600 of wages.
- 2024 Employee wages subject to Medicare tax of 1.45% on all wages and an additional 0.9% on employee wages above $200,000 in the calendar year, without regard for filing status.
- 2024 Self-employment income subject to Social Security tax of 12.4% on the first $168,600.
- 2024 Self-employment income subject to Medicare tax of 2.9% on all self-employment income and an additional 0.9% on wages above $200,000 for taxpayers filing single returns. For taxpayers filing joint returns, the additional 0.9% applies to wages above $250,000.
2024 Social Security Benefits
- 2024 Average monthly benefit for all retired workers - $1,907.
- 2024 Average monthly benefit for retired couples - $3,033.
- 2024 Maximum monthly benefit for a worker at full retirement age - $3,822.