Here is your quick reference guide to 2024 tax rates, college savings incentives, IRA and 401(k) contributions and more.
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Marrieds Filing Jointly or a Qualifying Widow(er) Alternative Minimum Tax Investments
Heads of Households AMT Tax Rates for 2024 Retirement Plans and Social Security
Singles AMT Exemption Amounts Social Security for 2024
Marrieds Filing Separately AMT Exemption Phaseout Retirement Earnings Test Exempt Amounts
Trusts and Estates Affordable Care Act (ACA) Taxes Taxation of Social Security Benefits
Standard Deduction Amounts for 2024 Maximum Long-Term Capital Gains Tax Rates Maximum Retirement Plan Contribution Limits for 2024
Additional Standard Deductions IRA Required Minimum Distributions Phaseout of Deductibility
Child and Family Credits Estate and Gift Taxes Phaseout of Roth IRA
2024 Business Tax Rates College Savings Incentives Other Credits and Deductions

Marrieds Filing Jointly or a Qualifying Widow(er)

If your taxable income is over: But not over: The tax is:
$0 $23,200 10% of taxable income
$23,200 $94,300 $2,320 plus 12% of the excess over $23,200
$94,300 $201,050 $10,852 plus 22% of the excess over $94,300
$201,050 $383,900 $34,337 plus 24% of the excess over $201,050
$383,900 $487,450 $78,221 plus 32% of the excess over $383,900
$487,450 $731,200 $111,357 plus 35% of the excess over $487,450
731200 $196,669.50 plus 37% of the excess over $731,200

Heads of Households

If your taxable income is over: But not over: The tax is:
$0 $16550 10% of taxable income
$16550 $63100 $1,655 plus 12% of the excess over $16,550
$63100 $100500 $7,241 plus 22% of the excess over $63,100
$100500 $191950 $15,469 plus 24% of the excess over $100,500
$191950 $243700 $37,417 plus 32% of the excess over $191,950
$243700 $609350 $53,977 plus 35% of the excess over $243,700
$609350 $181,954.50 plus 37% of the excess over $609,350

Singles

If your taxable income is over: But not over: The tax is:
$0 $11600 10% of taxable income
$11600 $47150 $1,160 plus 12% of the excess over $11,600
$47150 $100525 $5,426 plus 22% of the excess over $47,150
$100525 $191950 $17,168.50 plus 24% of the excess over $100,525
$191950 $243725 $39,110.50 plus 32% of the excess over $191,950
$243725 $609350 $55,678.50 plus 35% of the excess over $243,725
$609350 $183,647.25 plus 37% of the excess over $609,350

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Marrieds Filing Separately

If your taxable income is over: But not over: The tax is:
$0 $11600 10% of taxable income
$11600 $47150 $1,160 plus 12% of the excess over $11,600
$47150 $100525 $5,426 plus 22% of the excess over $47,150
$100525 $191950 $17,168.50 plus 24% of the excess over $100,525
$191950 $243725 $39,110.50 plus 32% of the excess over $191,950
$243725 $365600 $55,678.50 plus 35% of the amount over $243,725
$365600 $98,334.75 plus 37% of the amount over $365,600

Trusts and Estates

If your taxable income is over: But not over: The tax is:
$0 $3100 10% of taxable income
$3100 $11150 $310 plus 24% of the excess over $3,100
$11150 $15200 $2,242 plus 35% of the excess over $11,150
$15200 $3,659.50 plus 37% of the excess over $15,200

Standard Deduction Amounts for 2024

Marrieds filing jointly $29,200
Singles $14,600
Married filing separately $14,600
Heads of households $21,900

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Additional Standard Deductions

At least age 65 and single $1,950
At least age 65 and married $1,550
Married, both over 65 $3,100
Blind $1,550

Child and Family Credits

Qualifying child (under 17) $2,000
Other dependent $500
Refundable amount $1,700
Credit phaseout Marrieds filing jointly AGI over $400,000
All other taxpayers AGI over $200,000

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2024 Business Tax Rates

Corporate Tax Rate 21%
Deduction for Pass-Through Business Income 20%

Alternative Minimum Tax

AMT Tax Rates for 2024

Rate Marrieds filing separately All other filers
26% Up to $116,300 Up to $232,600
28% More than $116,300 More than $232,600

AMT Exemption Amounts

Single individual $85,700
Marrieds filing jointly $133,300
Marrieds filing separately $66,650

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AMT Exemption Phaseout

Begins above
Marrieds Filing Jointly $1,218,700
Singles $609,350
Married Filing Separately $609,350

Affordable Care Act (ACA) Taxes

Additional Medicare Tax 0.9% tax on wages and self- employment income over:
Marrieds filing jointly $250,000
Singles $200,000
Married filing separately $125,000
Net Investment Income Tax Additional 3.8% tax on net investment income
if Modified Adjusted Gross Income exceeds:
Marrieds filing jointly $250,000
Singles $200,000
Marrieds filing separately $125,000
Heads of household $200,000
Qualifying widow(er) $250,000

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Maximum Long-Term Capital Gains Tax Rates

0% tax rate 15% tax rate
Marrieds filing jointly or surviving spouse $94,050 $583,750
Married Individuals filing separate returns $47,025 $291,850
Head of household $63,000 $551,350
All other individuals $47,025 $518,900
Estate or trust $3,150 $15,450

At higher income levels, the maximum tax rate on long-term capital gains is 20%.

IRA Required Minimum Distributions

Age Divisor Percentage Age Divisor Percentage
73.0 26.5 3.77% 95.0 8.9 11.24%
74.0 25.5 3.92% 96.0 8.4 11.90%
75.0 24.6 4.07% 97.0 7.8 12.82%
76.0 23.7 4.22% 98.0 7.3 13.70%
77.0 22.9 4.37% 99.0 6.8 14.71%
78.0 22.0 4.55% 100.0 6.4 15.63%
79.0 21.1 4.74% 101.0 6.0 16.67%
80.0 20.2 4.95% 102.0 5.6 17.86%
81.0 19.4 5.15% 103.0 5.2 19.23%
82.0 18.5 5.41% 104.0 4.9 20.41%
83.0 17.7 5.65% 105.0 4.6 21.74%
84.0 16.8 5.95% 106.0 4.3 23.26%
85.0 16.0 6.25% 107.0 4.1 24.39%
86.0 15.2 6.58% 108.0 3.9 25.64%
87.0 14.4 6.94% 109.0 3.7 27.03%
88.0 13.7 7.30% 110.0 3.5 28.57%
89.0 12.9 7.75% 111.0 3.4 29.41%
90.0 12.2 8.20% 112.0 3.3 30.30%
91.0 11.5 8.70% 113.0 3.1 32.26%
92.0 10.8 9.26% 114.0 3.0 33.33%
93.0 10.1 9.90% 115.0 2.9 34.48%
94.0 9.5 10.53%

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Retirement Plans and Social Security

Social Security for 2024

Social Security wage base $168,600

Retirement Earnings Test Exempt Amounts

Under full retirement age ($1 in benefits is withheld for every $2 in earnings above the limit). $22,320
The year in which full retirement age is reached ($1 in benefits is withheld for
every $3 in earnings above the limit, but only for months prior to reaching full retirement age).		 $59,520
After full retirement age is reached no limit

Taxation of Social Security Benefits

Singles with Provisional Income*
below $25,000 pay no tax on benefits
from $25,000 to $34,000 pay tax on 50% of benefits
over $34,000 pay tax on up to 85% of benefits
Marrieds filing a joint return with Provisional Income*
below $32,000 pay no tax on benefits
from $32,000 to $44,000 pay tax on 50% of benefits
over $44,000 pay tax on up to 85% of benefits

*The IRS defines Provisional Income as your modified adjusted gross income (MAGI) plus one-half of your Social Security benefits.
(MAGI is AGI plus tax-exempt income.)

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Maximum Retirement Plan Contribution Limits for 2024

Maximum contribution Maximum contribution for those age 50 and over
Traditional IRA/ Roth IRA $7,000 $8,000
401(k) plans $23,000 $30,500

Phaseout of Deductibility of IRA Contributions Based on MAGI
(if you are an active participant in a company retirement plan)

Singles and heads of household $77,000 to $87,000
Marrieds filing joint returns and both spouses are active plan participants $123,000 to $143,000
Marrieds filing joint returns and one spouse is active plan participant $230,000 to $240,000
Marrieds filing separately $0 to $10,000

Phaseout of Roth IRA Contributions Based upon MAGI

Singles $146,000 to $161,000
Marrieds filing a joint return $230,000 to $240,000

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Estate and Gift Taxes

Estates. The federal estate tax exemption in 2024 is $13,610,000. With appropriate tax filings and tax elections, married couples may secure a $27,220,000 exemption regardless of which spouse dies first or how the couple owns their property (assuming they both die in 2024). Amounts in excess of the exemption are taxed at a 40% rate.

Gifts. The lifetime federal gift tax exemption in 2024 is $13,610,000. Amounts transferred in excess of the exemption are taxed at 40%.

For 2024, the annual exclusion from gift tax is $18,000. A gift no larger than $18,000 may be given to each of as many people as you wish without incurring gift tax or using your lifetime federal gift tax exclusion. To qualify for the annual exclusion, the gift must be of a “present interest,” meaning the person receiving the gift must have the immediate right to use and enjoy the gift, without strings attached. Couples may “split” their gifts to secure a $36,000 annual exclusion.

College Savings Incentives

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Section 529 plans. No federal tax need be paid on the income earned on amounts accumulated in a state-sponsored Section 529 plan. When withdrawals are made and used for qualified education expenses (college or up to $10,000 of elementary or secondary school expenses) or up to $10,000 (lifetime limit per individual) used to pay principal or interest on qualified education loan, they won’t be taxed either.
Coverdell Education Savings Accounts (CESAs). You can contribute up to $2,000 a year per child to a CESA. Earnings grow tax-free as long as withdrawals are used for qualified education expenses. Eligibility to contribute the full amount phases out between a modified adjusted gross income (MAGI) of $95,000 and $110,000 (singles) and, between $190,000 and $220,000 (marrieds filing jointly).

American Opportunity Tax Credit. The maximum American Opportunity Tax Credit is 100% of the first $2,000 and 25% for the next $2,000 of qualified tuition and related expenses. The credit phases out at MAGI of $160,000 for marrieds filing jointly ($80,000 for singles).

Lifetime Learning Credit. The maximum Lifetime Learning Credit is $2,000, with the credit phasing out at modified adjusted gross income of $160,000 for marrieds filing jointly ($80,000 for singles).

U.S. Savings Bonds income exclusion. For 2024, the income from certain U.S. Savings Bonds used to pay qualified higher education expenses may be excluded from tax. Eligibility for the exclusion phases out from $145,200 to $175,200 for marrieds filing jointly, $96,800 and $111,800 for all other returns.

Interest deduction for education loans. A tax deduction is available for up to $2,500 in qualified education loan interest. Eligibility for the deduction phases out between MAGI of $80,000 and $95,000 (singles) and, between $165,000 and $195,000 (marrieds filing jointly).

Other Credits and Deductions

Long-term care insurance premiums. In some instances, portions of the premiums paid for qualified long-term care insurance may be tax deductible. For 2024 they are: $470 for those who are age 40 or under at the end of the tax year; $880, if older than 40 but not older than 50; $1,760, older than 50 but not older than 60; $4,710, older than 60 but not older than 70; $5,880, older than 70.

Adoption credit. You may be able to take a tax credit of up to $16,810 for qualifying expenses paid to adopt an eligible child. Phaseout begins at modified adjusted gross income of $252,150, and is phased out completely at $292,150.

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Developments occurring after January 1, 2024, are not reflected in this guide.
This publication is designed to provide informative material and is distributed with the understanding that it does not constitute legal or other professional advice. Although it is intended to be accurate, neither we nor any other party will assume liability for loss or damage as a result of reliance on it. Appropriate legal or other expert assistance should be sought from a competent professional.
© 2024 M.A. Co. All rights reserved.

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