2024 Tax and Retirement Reference Guide

Ordinary Income - Tax Rates/Brackets

In general, the ordinary income tax rates/brackets apply to all income, unless an exemption applies.

Single Filers
RateTaxable Income
FromTo
0%Standard Deduction
10%$0$11,600
12%$11,601$47,150
22%$47,151$100,525
24%$100,526$191,950
32%$191,951$243,725
35%$243,726$609,350
37%$609,351No limit
Married Filing Jointly
RateTaxable Income
FromTo
0%Standard Deduction
10%$0$23,200
12%$23,201$94,300
22%$94,301$201,050
24%$201,051$383,900
32%$383,901$487,450
35%$487,451$731,200
37%$731,201No limit
Head of Household
RateTaxable Income
FromTo
0%Standard Deduction
10%$0$16,550
12%$16,551$63,100
22%$63,101$100,500
24%$100,501$191,950
32%$191,951$243,700
35%$243,701$609,350
37%$609,351No limit
Married Filing Separately
RateTaxable Income
FromTo
0%Standard Deduction
10%$0$11,600
12%$11,601$47,150
22%$47,151$100,525
24%$100,526$191,950
32%$191,951$243,725
35%$243,726$365,600
37%$365,601No limit

Long-Term Capital Gains & Qualified Dividends - Tax Rates/Brackets

Long-term capital gains tax rates/brackets generally apply to investment assets held for over a year and to qualified dividends. Short-term capital gains (assets held for a year or less) are taxed at ordinary income tax rates. See IRS Publication 550.

Single Filers
RateTaxable Income
FromTo
0%$0$47,025
15%$47,026$518,900
20%$518,901No limit
Married Filing Jointly
RateTaxable Income
FromTo
0%$0$94,050
15%$94,051$583,750
20%$583,751No limit
Head of Household
RateTaxable Income
FromTo
0%$0$63,000
15%$63,001$551,350
20%$551,351No limit
Married Filing Separately
RateTaxable Income
FromTo
0%$0$47,025
15%$47,026$291,850
20%$291,851No limit
3.8% Net Investment Income Tax (NIIT)
Filing Status Single or Head
of Household		Married Filing Jointly
(& Surviving Spouse)		Married Filing
Separately
AGI Income Limit When
3.8% NIIT Takes Effect		$200,000$250,000$125,000
Kiddie Tax
This rule applies to unearned income (such as dividends, interest income, and capital gains) of dependent children under the age of 18 or to full-time students younger than 24, at the end of the tax year. Under this rule:
  • The first $1,300 of unearned income is not taxed because it's covered by the kiddie tax standard deduction.
  • The next $1,300 of unearned income is taxed at the child's marginal tax rate.
  • Anything above $2,600 is taxed at the parents' marginal tax rate.

Tax Deductions & Credits (that do not require you to itemize)

Tax deductions reduce your taxable income dollar for dollar, whereas tax credits reduce your tax liability dollar for dollar.

Itemized Deduction Limits

In general, if your itemized deductions are larger than the standard deduction, it’s better to itemize on your tax return. See the instructions to the Schedule A for details.

DeductionLimit
Medical and dental expenses7.5% of AGI
State and local tax (SALT) deduction$10,000
Mortgage interest and points:
Mortgage after 12/15/2017$750,000
Mortgage before 12/16/2017$1,000,000
DeductionLimit
Charitable donationsVarious limits,
see Pub. 526
Overall limit50% of AGI
Cash donations60% of AGI
Appreciated assets
held long term		30% of AGI

Gift, Trust & Estate - Tax Rates/Brackets & Limits

Trust & Estate Ordinary Income
RateTaxable Income
FromTo
0%Standard Deduction
10%$0$3,100
24%$3,101$11,150
35%$11,151$15,200
37%$15,201No limit
Annual & Lifetime Gifting Limits
TypeLimit
Maximum estate & gift tax rate40%
Annual gift tax exclusion$18,000
Unified gift & estate tax exemption
(Note: This amount also covers the
generation-skipping tax)		$13,610,000
per person
Annual exclusion for gifts to
noncitizen spouse		$185,000

Retirement Plan Contribution Limits

Employer-Sponsored Plans
TypeLimit
Overall limit for employer-sponsored
defined contribution plans (does not
include 457(b) plans)		$69,000
401(k), Roth 401(k), 403(b), 457(b)
plans; employee elective deferral limit		$23,000
Catch-up contribution limit for age
50 and over for 401(k) and Roth
401(k) (special catch-up limits
may also apply to 403(b) and
457(b) plans)		$7,500 age 50 to 59
and age 64 or older,
$11,250 age 60 to 63
SIMPLE IRA and SIMPLE 401(k);
employee elective deferral limit		$16,000
Catch-up contribution limit for age
50 or over for SIMPLE plans		$3,500 age 50 to 59
and age 64 or older,
$5,250 age 60 to 63
SEP IRA plans: only employer
contributions are allowed		Lesser of $69,000
or 25% of wages
(20% for owners)
Catch-up contribution limit for age
50 and over for SEP IRA plans		Not allowed
Traditional IRAs & Roth IRAs
TypeLimit
Traditional IRA$7,000
Catch-up contribution
for age 50 and over		$1,000
Employer-sponsored plans phaseout
Single$77,000
to $87,000
Married filing separately$0
to $10,000
Married filing jointly$123,000
to $143,000
Married filing jointly, not
covered but spouse is		$230,000
to $240,000
Roth IRA$7,000
Catch-up contribution
for age 50 or over		$1,000
Roth IRA income phaseout
Single$146,000
to $161,000
Married filing jointly$230,000
to $240,000

Social Security

Taxation of Social Security benefits is based on provisional income (adjusted gross income without Social Security, plus tax-exempt interest, plus half of your Social Security benefits).

The Social Security “tax torpedo” occurs when your provisional income bumps you into a bracket where a higher amount of your Social Security benefit is taxable. Delay taking Social Security until age 70, if you can.

Social Security Rules and Limits
TypeAmount
Social Security wage base$168,600
FICA tax rate for employee7.65%
SECA tax rate for self employed15.3%
Social Security earnings limits
prior to full retirement age (FRA)		 
Younger than FRA$22,320
The year you reach FRA$59,520
Soc. Sec. cost-of-living adjustment3.2%
Maximum possible benefit at FRA$3,822
Estimated average monthly benefit$1,872
Soc. Sec. FRA (born 1960 & later)age 67
Taxation of Social Security
Single, widower &
head of household
provisional income		Taxable
Portion
$25,000 or less0%
$25,001 to $34,000Up to 50%
More than $34,000Up to 85%
Married filing jointly
provisional income		Taxable
Portion
$32,000 or less0%
$32,001 to $44,000Up to 50%
More than $44,000Up to 85%
Calculator
Social Security Monthly Benefits Table
 age 626364656667686970
62100%107%114%124%133%143%154%166%177%
6393%100%107%116%124%133%144%155%165%
6488%94%100%108%117%125%135%145%155%
6581%87%92%100%108%115%125%134%143%
6675%80%86%93%100%107%116%124%133%
6770%75%80%87%93%100%108%116%124%
6865%69%74%80%86%93%100%107%115%
6960%65%69%75%80%86%93%100%107%
7056%60%65%70%75%81%87%94%100%
Filing Ages Break Even Points
 6364656667686970
627677777778787980
63 75777778797980
64 787979798081
65 7979808182
66 79808182
67 818283
68 8384
69Calculator85

To use the Social Security Monthly Benefits Table, select your age on the left, then move right to the filing age you’re considering. If you are age 64 and are considering age 67, for example, your monthly benefits will be 25% greater than filing at age 64; 55% greater at age 70. (more...)

To use the Filing Ages Break Even Points (approximations) chart, select your first filing age decision on the left, then move right to the second filing age you’re considering. If you were choosing between age 63 and 66, for example, the break even point is age 77. Between age 65 and age 70, the break even point is 82.

Medicare

Monthly Premium
Part A for those with <30 quarters of
coverage		$505
Part A for those with 30—39 quarters$278
Part B$174.70
Part A
First 60 days-patient pays a
deductible		$1,632
Next 30 days—patient pays per day$408
Additional 60 lifetime reserve days
(patient pays per day)		$816
After all lifetime reserve days are used,
patient pays all costs.
Part B
Deductible$257
Coinsurance20%
Part D (Prescription Drug Plan)
Deductible$545