2024 Tax Resources
Other Tax Resources
Tax Resources
2024 Tax Due Dates
Regular Tax Due
Tuesday,
April 15, 2025
- 00Days to April 15
Extended Tax Due
Wednesday, October 15, 2025
- 00Days to October 15
2024 Quarterly Tax Due Dates
| Income Earned For | Due Date |
|---|---|
|
January 1 to March 31 |
April 15, 2024 |
|
April 1 to May 31 |
June 17, 2024 |
|
June 1 to August 31 |
September 16, 2024 |
|
September 1 to December 31 |
January 15, 2025 |
2024 Contribution Limits
2024 Traditional IRA & Roth IRA Contribution Limits
| | 2023 | 2024 |
|---|---|---|
| IRA-Roth IRA Contribution Limits | ||
| Contribution Limit | $6,500 | $7,000 |
| 50+ Catch Up | $1,000 | $1,000 |
| Traditional IRA Deductibility Phaseout Based on MAGI | ||
| Participants Married-Jointly | $116,000- $136,000 | $123,000- $143,000 |
| Participants Married-Separately | $0-$10,000 | $0-$10,000 |
| Participants All others | $73,000- $83,000 | $77,000- $87,000 |
| Non-participant married to a participant | $218,000- $228,000 | $230,000- $240,000 |
| Neither Spouse a Participant | Fully Deductible | Fully Deductible |
| Roth IRA Phase-Out based on MAGI | ||
| Married-Jointly | $218,000- $228,000 | $230,000- $240,000 |
| Married-Separately | $0-$10,000 | $0-$10,000 |
| All Others | $138,000- $153,000 | $146,000- $161,000 |
2024 Retirement Savings Plans Contribution Limits
| | 2023 | 2024 |
|---|---|---|
| 401k, 403b, 457b* | $22,500 | $23,000 |
| 50+ Catch-UP | $7,500 | $7,500 |
| SIMPLE IRA | $15,500 | $16,000 |
| 50+ Catch-UP | $3,000 | $3,500 |
| SEP IRA | Up to 25% of Compensation or $66,000 | Up to 25% of Compensation or $69,000 |
| SEP IRA Comp. Threshold | $750 | $750 |
| Defined Contribution Max Annual Additions | Up to 25% of Compensation or $66,000 | Up to 25% of Compensation or $69,000 |
| Defined Benefit Max Annual Benefit | $265,000 | $265,000 |
| Max Comp. Considered | $330,000 | $345,000 |
| HCE** | $150,000 | $155,000 |
| HCE - Top Hat** | $215,000 | $215,000 |
| *Special Catch Up rules applies to certain 403b contributors with 15 or more years of service and governmental 457b participants in the last 3 years before retirement. **HCE = Highly Compensated Employee |
Health Savings Account Contribution Limits
The Health Savings Account is a powerful planning tool that offers unique tax benefits. Check out my article A Healthy Investment: Discover the Surprising Benefits of Health Savings Accounts for more information.
| | 2023 | 2024 |
|---|---|---|
| Contribution Limits | ||
| Single/Family | $3,850 / $7,750 | $4,150 / $8,300 |
| Age 55+ Catch-Up | $1,000 | $1,000 |
| High Deductible Health Plans | ||
| Min.Deductible Single/Family | $1,500 / $3,000 | $1,600 / $3,200 |
| Max. OOP Single/Family | $7,500 / $15,000 | $8,050 / $16,100 |
Deductions and Credits
Federal Standard Deduction
| Standard Deductions | ||
|---|---|---|
| 2023 | 2024 | |
| Single / Married - Separately | $13,850 | $14,600 |
| Married - Jointly | $27,700 | $29,200 |
| Head of Household | $20,800 | $14,600 |
Education Deductions and Credits
| | 2023 | 2024 |
|---|---|---|
| Maximum Deduction for Student Loan Interest | ||
| Max Deduction | $2,500 | $2,500 |
| Phaseout - Single | $75,000- $90,000 | $80,000- $95,000 |
| Phaseout - Joint | $150,000- $180,000 | $165,000- $195,000 |
| Phaseout for American Opportunity Credit ($2,500) | ||
| Married - Jointly | $160,000-$180,000 | $165,000- $195,000 |
| Others | $80,000-$90,000 | $80,000- $95,000 |
| Phaseout for Lifetime Learning Credit ($2,000) | ||
| Married - Jointly | $160,000-$180,000 | $165,000- $195,000 |
| Others | $80,000-$90,000 | $80,000- $95,000 |
| Phaseout for Exclusion of US Savings Bond Income | ||
| Married - Jointly | $137,800-$167,800 | $137,800-$167,800 |
| Others | $91,850-$106,850 | $91,850-$106,850 |
Saver's Credit
The Saver’s Credit is a tax credit designed to encourage lower income households to save for retirement.
| Adjusted Gross Income Limit | 2023 | 2024 |
|---|---|---|
| Married - Jointly | $73,000 | $76,500 |
| Head of Household | $54,750 | $57,375 |
| Single, Married - Separately, Qualifying Widow | $36,500 | $38,250 |
| *Credit can be 50%, 20%, or 10% of contribution depending on AGI. |
Qualified Charitable Distributions (QCD's)
While not technically a deduction, QCD’s are a powerful way to give to charities from your pre-tax IRA accounts without incurring taxation on the amounts given. Historically, the limit on QCD’s was set at $100,000 per year, per person. However, the SECURE Act 2.0 passed in 2022 added a provision for this limit to be adjusted for inflation each year.
The 2024 QCD limit is $105,000.
For more information on QCD’s, see The Win-Win Strategy: QCDs and Charitable Contributions – Gilbert Wealth.
2024 Tax Brackets
2024 Federal Ordinary Income Tax Brackets
Federal Ordinary Income Tax Brackets are used to calculate your tax liability from active income sources like wages, self-employment incomes, and rental income.
See Mastering Tax Brackets for Better Financial Planning: How Progressive Tax Bracket Work – Gilbert Wealth for more information.
- Find the row with your income range listed in column 1 and 2.
- Subtract your taxable income from the last column.
- Multiply that result by the rate in column 4.
- Add the result in step 3 to the base tax amount in Column 3.
2024 Federal Tax Brackets for Single Filers
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| 0 | $11,600 | 0 | 10% | 0 |
| $11,600 | $47,150 | $1,160 | 12% | $11,600 |
| $47,150 | $100,525 | $5,426 | 22% | $47,150 |
| $100,525 | $191,950 | $17,169 | 24% | $100,525 |
| $191,950 | $243,725 | $39,111 | 32% | $191,950 |
| $243,725 | $609,350 | $55,679 | 35% | $243,725 |
| $609,350 | - | $183,647 | 37% | $609,350 |
2024 Federal Tax Brackets for Married Filing Jointly
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| 0 | $23,200 | 0 | 10% | 0 |
| $23,200 | $94,300 | $2,320 | 12% | $23,200 |
| $94,300 | $201,050 | $10,852 | 22% | $94,300 |
| $201,050 | $383,900 | $34,337 | 24% | $201,050 |
| $383,900 | $487,450 | $78,221 | 32% | $383,900 |
| $487,450 | $731,200 | $111,357 | 35% | $487,450 |
| $731,200 | - | $196,670 | 37% | $731,200 |
2024 Federal Tax Brackets for Head of Household
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| 0 | $16,550 | 0 | 10% | 0 |
| $16,550 | $63,100 | $1,655 | 12% | $16,550 |
| $63,100 | $100,500 | $7,241 | 22% | $63,100 |
| $100,500 | $191,950 | $15,469 | 24% | $100,500 |
| $191,950 | $234,700 | $37,417 | 32% | $191,950 |
| $234,700 | $609,350 | $51,097 | 35% | $234,700 |
| $609,350 | - | $182,225 | 37% | $609,350 |
2024 Federal Tax Brackets for Married Filing Separately
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| 0 | $11,600 | 0 | 10% | 0 |
| $11,600 | $47,150 | $1,160 | 12% | $11,600 |
| $47,150 | $100,525 | $5,426 | 22% | $47,150 |
| $100,525 | $191,950 | $17,169 | 24% | $100,525 |
| $191,950 | $243,725 | $39,111 | 32% | $191,950 |
| $243,725 | $365,600 | $55,679 | 35% | $243,725 |
| $365,600 | - | $98,335 | 37% | $365,600 |
2024 Federal Tax Brackets for Trusts and Estates
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| $- | $3,100 | $- | 10% | $- |
| $3,100 | $11,150 | $310 | 24% | $3,100 |
| $11,150 | $15,200 | $2,242 | 35% | $11,150 |
| $15,200 | - | $3,660 | 37% | $15,200 |
2024 Federal Capital Gains Tax Brackets
The Capital Gains tax rates apply to long-term capital gains and qualified dividends.
| Rate | Single | Married - Jointly | Married - Separately | Head of Household |
|---|---|---|---|---|
| 0% | $- | $- | $- | $- |
| 15% | $47,025 | $94,050 | $47,025 | $71,701 |
| 20% | $518,900 | $518,900 | $259,450 | $518,901 |
2024 Social Security Limits
Social Security Earnings Limit
| | 2023 | 2024 |
|---|---|---|
| Taxable Wage Base | ||
| Social Security (OASDI) | $160,200 | $168,600 |
| Medicare (HI Only) | No Limit | No Limit |
| Retirement Earning Test | ||
| Under FRA *$1 W/H for Every $2 Over | $21,240/yr or $1,770/mo | $22,320/yr or $1,860/mo |
| Year reaching FRA *$1 W/H for Every $3 Over | $56,520/yr or $4,710/mo | $59,520/yr or $4,960/mo |
| Taxability of Benefits based on Provisional Income | ||
| Married - Jointly | Married - Jointly | |
| Not Taxable | <$32,000 | <$32,000 |
| Up to 50% taxable | $32,000-$44,000 | $32,000-$44,000 |
| Up to 85% taxable | >$44,000 | >$44,000 |
| States that tax SS Separately | CO, CT, KS, MN, MO, MT, NE, NM, ND, RI, UT, VT | |
| *Married - Separately: Up to 85% of benefits are taxable | ||
| **Provisional Income = AGI + Nontaxable Income + 1/2 of SS Benefit | ||
| Age to Receive Full Benefits | ||
| Year of Birth | FRA | % Reduced @ 62 / % Increased @ 70 |
| 1943-1954 | 66 | 25.00% / 132.0% |
| 1955 | 66 & 2 mo | 25.83% / 130.7% |
| 1956 | 66 & 4 mo | 26.67% / 129.3% |
| 1957 | 66 & 6 mo | 27.50% / 128.0% |
| 1958 | 66 & 8 mo | 28.33% / 126.7% |
| 1959 | 66 & 10 mo | 29.17% / 125.3% |
| 1960 & Later | 67 | 30.00% / 124.0% |
| Benefit Payment Dates | ||
| If Birthday Is On… | Payment is On… | |
| 1st-10th | 2nd Wednesday | |
| 11th-20th | 3rd Wednesday | |
| 21st-31st | 4th Wednesday |
Social Security Provisional Income
| | Single | Married - Jointly |
|---|---|---|
| Not Taxable | <$25,000 | <$32,000 |
| Up to 50% taxable | $25,000-$34,000 | $32,000-$44,000 |
| Up to 85% taxable | >$34,000 | >$44,000 |
States that Tax Social Security Separately: CO, CT, KS, MN, MO, MT, NE, NM, ND, RI, UT, VT
2024 FICA & SECA Tax Rates
| | Income Limit | Self-Employed | Employee |
|---|---|---|---|
| OASDI (Social Security) | $160,200 | 12.40% | 6.20% |
| HI (Medicare) | No Limit | 2.90% | 1.45% |
| Addt Medicare Tax for $200k/$250k | $200,000 Single / $250,000 Married | 0.90% | 0.90% |
2024 Net Investment Income Tax
| Filing Status | MAGI | Rate |
|---|---|---|
| Single/Head of Household | $200,000 | 3.80% |
| Married Filing Jointly/Separately | $250,000/$125,000 | 3.80% |
| Trusts & Estates | $12,500 | 3.80% |
2024 Business Tax Rates
| Structure | Tax Rate |
|---|---|
| C-Corporations | 21% |
| S-Corporations & LLC | Individual Tax Rate |
| Qualified Business Income Deduction | 20% |
2024 Medicare Income Related Monthly Adjustment Amounts (IRMAA)
| If your Yearly Income in 2022 (for what you pay in 2024) was | Part B | Part D | ||||
|---|---|---|---|---|---|---|
| Single | Married - Jointly | Married - Separately | Monthly | Annually | Monthly | Annually |
| <$103,000 | <$206,000 | <$103,000 | $174.70 | $2,096.40 | $55.50 | $666.00 |
| $103,000-$129,000 | $206,000-$258,000 | N/A | $244.60 | $2,935.20 | $68.40 | $820.80 |
| $129,000-$161,000 | $258,000-$322,000 | N/A | $349.40 | $4,192.80 | $101.70 | $1,220.40 |
| $161,000-$193,000 | $322,000-$386,000 | N/A | $454.20 | $5,450.40 | $155.50 | $1,866.00 |
| $193,000-$500,000 | $386,000-$750,000 | >$97,000-$397,000 | $559.00 | $6,708.00 | $229.70 | $2,756.40 |
| >$500,000 | >$750,000 | >$397,000 | $594.00 | $7,128.00 | $310.70 | $3,728.40 |
| *Part D Late Enrollment Penalty = 1% of National Base Premium of $32.74 times # of full uncovered months of no Part D or Creditable coverage. |
Distributions
Uniform Lifetime Table
The Uniform Lifetime Table is one of the tables used to calculate Required Minimum Distributions.
| Age | Divisor Balance | % of Acct | Age | Divisor Balance | % of Acct |
|---|---|---|---|---|---|
| 72 | 27.4 | 3.65% | 88 | 13.7 | 7.30% |
| 73 | 26.5 | 3.77% | 89 | 12.9 | 7.75% |
| 74 | 25.5 | 3.92% | 90 | 12.2 | 8.20% |
| 75 | 24.6 | 4.07% | 91 | 11.5 | 8.70% |
| 76 | 23.7 | 4.22% | 92 | 10.8 | 9.26% |
| 77 | 22.9 | 4.37% | 93 | 10.1 | 9.90% |
| 78 | 22.0 | 4.55% | 94 | 9.5 | 10.53% |
| 79 | 21.1 | 4.74% | 95 | 8.9 | 11.24% |
| 80 | 20.2 | 4.95% | 96 | 8.4 | 11.90% |
| 81 | 19.4 | 5.15% | 97 | 7.8 | 12.82% |
| 82 | 18.5 | 5.41% | 98 | 7.3 | 13.70% |
| 83 | 17.7 | 5.65% | 99 | 6.8 | 14.71% |
| 84 | 16.8 | 5.95% | 100 | 6.4 | 15.63% |
| 85 | 16.0 | 6.25% | 101 | 6.0 | 16.67% |
| 86 | 15.2 | 6.58% | 102 | 5.6 | 17.86% |
| 87 | 14.4 | 6.94% | 103 | 5.2 | 19.23% |
Gift and Estate Tax
| Gift & Estate Tax | ||
|---|---|---|
| 2023 | 2024 | |
| Annual Gift Tax Exclusion | $17,000 | $18,000 |
| Unified Credit Exemption | $12,920,000 | $13,610,000 |
| Gift to Non-Citizen Spouse | $175,000 | $185,000 |
| Highest Estate Tax Bracket | 40% | 40% |
| States with Separate Estate Tax | CT, DC, HI, IL, MA, MD, ME, MN, NY, OR, RI, VT, WA | |
| States with Inheritance Tax | IA, KY, NE, PA | |
| Community Property States | AK, AZ, CA, ID, LA, NM, NV, TX, WA, WI |
States with Separate Estate Tax: CT, DC, HI, IL, MA, MD, ME, MN, NY, OR, RI, VT, WA
States with Inheritance Tax: IA, KY, NE, PA
Community Property States: AK, AZ, CA, ID, LA, NM, NV, TX, WA, WI
Additional Tax Resources
Resources for Individuals
When Will Tax Supporting Documents Arrive
| Document | Receive By |
|---|---|
|
W-2's, 1098 Mortgage Interest, Charitable Donation Receipts, and most 1099's (Non-Employment Income, Interest, Dividends, Retirement Plan Distributions) |
January 31 |
|
1099's for Taxable Accounts |
February 15 |
|
K-1's from Partnerships or Passthroughs |
March 15 or April 15 |