Strategize for 2024: Maximize Your Financial Future

Filing Status

2023 Standard Deduction

2024 Standard Deduction

Increase

Single

$13,850

$14,600

$750

Married, Filing Separately

$13,850

$14,600

$750

Married, Filing Jointly

$27,700

$29,200

$1,500

Head of Household

$20,800

$21,900

$1,100

Tax Rate

Single Income

Married Filing Joint Income

37%

Incomes over $609,350

Incomes over $731,200

35%

Incomes over $243,725

Incomes over $487,450

32%

Incomes over $191,950

Incomes over $383,900

24%

Incomes over $100,525

Incomes over $201,050

22%

Incomes over $47,150

Incomes over $94,300

12%

Incomes over $11,600

Incomes over $23,200

10%

Incomes $11,600 or less

Incomes $23,200 or less

Retirement Account

2023 Contribution Limit

2024 Contribution Limit

Age 50+ Catch-Up (2024)

Total Contribution (Age 50+)

401(k) / 403(b)

$22,500

$23,000

$7,500

$30,500

IRA

$6,500

$7,000

$1,000

$8,000

Roth IRA

$6,500

$7,000

$1,000

$8,000

SIMPLE IRA

$15,500

$16,500

$3,500

$20,000

457 Plans

$22,500

$23,000

$7,500

$30,500

Category

2024 Change

Capital Gains Tax Threshold

No capital gains tax if taxable income is $47,025 or less. 15% tax for incomes between $47,026–$518,900. 20% if higher.

Kiddie Tax

First $1,300 of unearned income is tax-free; the next $1,300 is taxed at the child’s rate. Anything above $2,600 is taxed at the parent’s rate.

FSA Contribution Limit

$3,200, with a carryover option of up to $640.

HSA Contribution Limit

Up to $4,150 for individuals and $8,300 for families.

Foreign Earned Income Exclusion

Increased to $126,500.

Estate Tax Exclusion

Increased to $13.6 million.

Gift Tax Exclusion

Increased to $18,000 per individual.

Category

2025

2024

Federal Tax Brackets & Rates

12% Bracket Starting Income

- Married Filing Joint & Qualifying Widow(er)

$23,850

$23,200

- Single

$11,925

$11,600

- Head of Household (HOH)

$17,000

$16,550

- Married Filing Separately (MFS)

$11,925

$11,600

22% Bracket Starting Income

- Married Filing Joint & Qualifying Widow(er)

$96,950

$94,300

- Single

$48,475

$47,150

- Head of Household (HOH)

$64,850

$63,100

- Married Filing Separately (MFS)

$48,475

$47,150

24% Bracket Starting Income

- Married Filing Joint & Qualifying Widow(er)

$206,700

$201,050

- Single / Head of Household

$103,350

$100,525

- Married Filing Separately

$103,350

$100,525

32% Bracket Starting Income

- Married Filing Joint & Qualifying Widow(er)

$394,600

$383,900

- Single / Head of Household

$197,300

$191,950

- Married Filing Separately

$197,300

$191,950

35% Bracket Starting Income

- Married Filing Joint & Qualifying Widow(er)

$501,050

$487,450

- Single / Head of Household

$250,525

$243,725

- Married Filing Separately

$250,500

$243,700

37% Bracket Starting Income

- Married Filing Joint & Qualifying Widow(er)

$751,600

$731,200

- Single / Head of Household

$626,350

$609,350

- Married Filing Separately

$375,800

$365,600

Capital Gains Tax Rates

- 0% Rate Income Threshold (MFJ / Single)

$96,700 / $48,350

$94,050 / $47,025

- 15% Rate Income Threshold (MFJ / Single)

$600,050 / $533,400

$583,750 / $518,900

Alternative Minimum Tax (AMT)

- Exemption (Married Filing Joint)

$137,000

$133,300

- Exemption Phase-Out Range (Single)

$626,350–$978,750

$609,350–$952,150

Standard Deduction

- Married Filing Joint & Qualifying Widow(er)

$30,000

$29,200

- Single

$15,000

$14,600

- Head of Household

$22,500

$21,900

Child Tax Credit

- Per Dependent Child

$2,000

$2,000

Retirement & Savings Contributions

- 401(k), 403(b), 457 Plan Deferral Limit

$23,500

$23,000

- Catch-Up Contribution (Age 50+)

$7,500

$7,500

- IRA Contribution Limit

$7,000

$7,000

- Roth IRA Income Phase-Out (MFJ / Single)

$236,000–$246,000 / $150,000–$165,000

$230,000–$240,000 / $146,000–$161,000

Health Savings Accounts (HSAs)

- Contribution Limit (Self-Coverage / Family)

$4,300 / $8,550

$4,150 / $8,300

- Catch-Up Contribution (Age 55+)

$1,000

$1,000

Estate & Gift Tax

- Unified Estate & Gift Tax Exclusion

$13,990,000

$13,610,000

- Gift Tax Annual Exclusion

$19,000

$18,000

Auto Mileage Rates

- Business Mileage Rate

$0.67 per mile

$0.655 per mile

- Medical / Moving Mileage Rate

$0.21 per mile

$0.22 per mile

- Charitable Mileage Rate

$0.14 per mile

$0.14 per mile