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2024 Tax and Retirement Planning Information

Below is some information that you may find helpful as you consider your 2024 taxes, however, be sure to consult a trusted tax advisor for exact figures and with any questions regarding your specific personal tax needs and opportunities. 

Income Tax Rate Schedules for 2024

Tax Rate

Single
Taxable Income Levels

Married Filing Jointly
Taxable Income Levels

10%

$0 to $11,600

$0 to $23,200

12%

$11,601 to $47,150

$23,201 to $94,300

22%

$47,151 to $100,525

$94,301 to $201,050

24%

$100,526 to $191,950

$201,051 to $383,900

32%

$191,951 to $243,725

$383,901 to $487,450

35%

$243,726 to $609,350

$487,451 to $731,200

37%

Over $609,350

Over $731,200

2024 Standard Deduction

  • Married couples filing a joint return - $29,200
  • Single return filers - $14,600

2024 Personal Exemption Amount - The personal exemption amount is suspended until 2025.

2024 Taxation of Dividends and Long-Term Capital Gains

Qualifying dividends and long-term capital gains (assets held for more than a year) will be taxed at 0%, 15%, or 20%. 

Rate Single Income Limits Married Filing Jointly
0% $0-$47,025 $0-$94,050
15% $47,026-$518,900 $94,051-$583,750
20% Over $518,900 Over $583,750


2024 Medicare Surtaxes

As part of the health care reform enacted in 2010, additional Medicare surtaxes begin in 2013 for high-income wage earners.  A 2.35% Medicare tax (regular 1.45% medicare tax plus 0.9% additional Medicare tax) will be applied when a taxpayer’s Modified Adjusted Gross Income (MAGI) exceeds a threshold of $200,000 for single filers and $250,000 for joint filers. 

Estate Taxes

  • 2024 Estate size taxation starts at $13,610,00 with a top estate tax rate of 40%

Regular IRA and Roth IRA Contribution Limits

Tax year 2024 IRA contribution limit is $7,000; additional contribution limits for those 50 and over is $1,000.

401(k) Retirement Plan Contribution Limits

Tax year 2024 401(k) contribution limit is $23,000; additional contribution limits for those 50 and over is $7,500.

Education (or Coverdell) IRAs

For 2024, the annual contribution limit is $2000 with eligibility phase out beginning at $220,000 (for married filing jointly) and $110,000 of Adjusted Gross Income (some modifications apply). 

Annual Gift Tax Exclusion

For 2024, gifts of $18,000 and under are not subject to gift tax.

2024 Payroll Taxes – Social Security and Medicare

  • 2024 Employee wages subject to Social Security tax of 6.2% on the first $168,600 of wages.
  • 2024 Employee wages subject to Medicare tax of 1.45% on all wages and an additional 0.9% on employee wages above $200,000 in the calendar year, without regard for filing status. 
  • 2024 Self-employment income subject to Social Security tax of 12.4% on the first $168,600.
  • 2024 Self-employment income subject to Medicare tax of 2.9% on all self-employment income and an additional 0.9% on wages above $200,000 for taxpayers filing single returns.  For taxpayers filing joint returns, the additional 0.9% applies to wages above $250,000.

2024 Social Security Benefits

  • 2024 Average monthly benefit for all retired workers - $1,907.
  • 2024 Average monthly benefit for retired couples - $3,033.
  • 2024 Maximum monthly benefit for a worker at full retirement age - $3,822.