The IRS has released inflation-adjusted tax numbers for 2024, and we have gathered some of that information into a chart for your reference. If you want to see the full IRS release, you can find it on their website here. 2024 Retirement account limits were released separately here. While our chart does not include Medicare Premium numbers (an often-requested list), you can find a helpful chart on SSA.gov here .
2024 Tax Facts |
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Income Tax Rates |
Standard Deduction |
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| Individual | Married Filing Jointly | Individual: $14,600 | |
| $1 – $11,600 | 10% | $1 – $23,200 | Married Filing Jointly: $29,200 |
| $11,601 – $47,150 | 12% | $23,201 – $94,300 | Aged/Blind: $1,550 additional ($1,950 if unmarried, not widowed) |
| $47,151 – $100,525 | 22% | $94,301 – $201,050 | Dependent: $1,300 or $450 + earned income |
| $100,526 – $191,950 | 24% | $201,051 – $383,900 | |
| $191,951 – $243,725 | 32% | $383,901 – $487,450 |
Child Tax Credit |
| $243,726 – $609,350 | 35% | $487,451 – $731,200 | Credit per qualifying child: $1,700 |
| $609,351 + | 37% | $731,201 + | Adoption credit: $16,810 |
| Adoption phaseout: $252,150 – $292,150 | |||
Long-Term Capital Gains Tax Rates |
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| Individual | Married Filing Jointly |
Kiddie Tax |
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| $0 – $47,025 | 0% | $0 – $94,050 | Taxed on unearned income over $1,300 |
| $47,026 – $518,900 | 15% | $94,051 – $583,750 | if $1,300 – $13,000, may include on parent return |
| $518,901 + | 20% | $583,751 + | |
Estate & Trust Rates |
Alternative Minimum Tax Exemptions |
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| $0 – $3,100 | 10% | Individual: $85,700 | |
| $3,101 – $11,150 | 24% | Phaseout: $609,350 – $952,150 | |
| $11,151 – $15,200 | 35% | Married Filing Jointly: $133,300 | |
| $15,201 + | 37% | Phaseout: $1,218,700 – $1,751,900 | |
IRA Contribution Limits |
Estate & Gift Taxes |
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| IRA and Roth Contribution limits: $7,000 | Annual Gift Tax Exclusion: $18,000 | ||
| Age 50+ catchup: $1,000 | Annual Charitable Deduction Limit: $105,000 | ||
| Roth Individual Phaseout: $146,000 – $161,000 | Estate & Gift Tax Exclusions: $13,610,000 | ||
| Roth MFJ Phaseout: $230,000 – $240,000 | Foreign Income Exclusion: $126,500 | ||
Qualified Retirement Plan Limits |
SIMPLE IRA Plan Limits |
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| 401(k), 403(b), 457 Employee elective deferral: $23,000 | Elective deferral: $16,000 | ||
| Age 50+ catchup: $7,500 | Age 50+ catchup: $3,500 | ||
| Employer contribution limit: $69,000 | |||
Individual 401(k) Contribution Limits |
SEP Contribution Limits |
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| Employer contribution limit: $23,000 | 25% of compensation | ||
| Age 50+ catchup: $7,500 | Contribution limit: $69,000 | ||
| Contribution limit: 25% of compensation or $69,000 | |||
HSA Contribution Limits |
FSA Contribution Limit |
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| Individual plan: $4,150 | Max contribution: $3,050 | ||
| HDHP min deductible: $1,600; Max out of pocket: $8,050 | $640 carryover, if allowed | ||
| Family plan: $8,300 | |||
| HDHP min deductible: $3,200; Max out of pocket: $16,100 |
State & Local Tax Deduction |
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| Age 55+ catchup: $1,000 | Max. deduction on Federal taxes: $10,000 | ||
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