Resources
2024 Rates, Deductions & Limits
| Standard Deduction & Exemptions | |||||
| Married Filing Joint Return | 29,200 | ||||
| Head of Household | 21,900 | ||||
| Single | 14,600 | ||||
| Married Filing Separate | 14,600 | ||||
| Claimed as dependent by another | 1,300 | ||||
| Additional Deduction Over 65 and/or blind MFJ | 1,550 | ||||
| Additional Deduction Over 65 and/or blind Single | 1,950 | ||||
| Mileage Rates | |||||
| Business Mileage Rate | $0.67 | ||||
| Charitable Mileage Rate | $0.14 | ||||
| Military Moving/Medical Mileage Rate | $0.21 | ||||
| Estate Planning Amounts | |||||
| Annual Gift Tax Exclusion | 18,000 | ||||
| Lifetime Taxable Gift Exclusion | 13,061,000 | ||||
| Retirement Contributions Limits | |||||
| Under 50 | Catch-Up | ||||
| Traditional IRA | 7,000 | 1,000 | |||
| Roth IRA | 7,000 | 1,000 | |||
| SIMPLE | 16,000 | 3,500 | |||
| 401k & 403b | 23,000 | 7,500 | |||
| SEP IRA | 69,000 | none | |||
| Defined Contribution Plan | 69,000 | none | |||
| Defined Benefit Plan | 275,000 | none | |||
2024 Tax Tables
| MFJ & Surviving Spouse | ||||
| Taxable Income: | The Tax Is: | |||
| Not over | $23,200 | 10% | ||
| Over | $23,201 | but not over | $94,300 | 12% |
| Over | $94,301 | but not over | $201,050 | 22% |
| Over | $201,051 | but not over | $383,900 | 24% |
| Over | $383,901 | but not over | $487,450 | 32% |
| Over | $487,451 | but not over | $731,200 | 35% |
| Over | $731,201 | 37% | ||
| Married Filing Separate | ||||
| Taxable Income: | The Tax is: | |||
| Not over | $11,600 | 10% | ||
| Over | $11,601 | but not over | $47,150 | 12% |
| Over | $47,151 | but not over | $100,525 | 22% |
| Over | $100,526 | but not over | $191,950 | 24% |
| Over | $191,951 | but not over | $243,725 | 32% |
| Over | $243,726 | but not over | $609,350 | 35% |
| Over | $609,351 | 37% | ||
| Head of Household | ||||
| Taxable Income: | The Tax Is: | |||
| Not over | $16,550 | 10% | ||
| Over | $16,551 | but not over | $63,100 | 12% |
| Over | $63,101 | but not over | $100,500 | 22% |
| Over | $100,501 | but not over | $191,950 | 24% |
| Over | $191,951 | but not over | $243,700 | 32% |
| Over | $243,701 | but not over | $609,350 | 35% |
| Over | $609,351 | 37% | ||
| Single | ||||
| Taxable Income: | The Tax is: | |||
| Not over | $11,600 | 10% | ||
| Over | $11,601 | but not over | $47,150 | 12% |
| Over | $47,151 | but not over | $100,525 | 22% |
| Over | $100,526 | but not over | $191,950 | 24% |
| Over | $191,951 | but not over | $243,725 | 32% |
| Over | $243,726 | but not over | $609,350 | 35% |
| Over | $609,351 | 37% | ||