Income Tax (2024 tax rate tables)
| Taxable income | Tax due | plus | % of income* |
| Single | |||
| Up to $11,600 | $0 | + | 10% |
| $11,601 to $47,150 | $1,160.00 | + | 12% |
| $47,151 to $100,525 | $5,426.00 | + | 22% |
| $100,526 to $191,950 | $17,168.50 | + | 24% |
| $191,951 to $243,725 | $39,110.50 | + | 32% |
| $243,726 to $609,350 | $55,678.50 | + | 35% |
| Over $609,350 | $183,647.25 | + | 37% |
| Married filing jointly | |||
| Up to $23,200 | $0 | + | 10% |
| $23,201 to $94,300 | $2,320.00 | + | 12% |
| $94,301 to $201,050 | $10,852.00 | + | 22% |
| $201,051 to $383,900 | $34,337.00 | + | 24% |
| $383,901 to $487,450 | $78,221.00 | + | 32% |
| $487,451 to $731,200 | $111,357.00 | + | 35% |
| Over $731,200 | $196,669.50 | + | 37% |
| Married filing separately | |||
| Up to $11,600 | $0 | + | 10% |
| $11,601 to $47,150 | $1,160.00 | + | 12% |
| $47,151 to $100,525 | $5,426.00 | + | 22% |
| $100,526 to $191,950 | $17,168.50 | + | 24% |
| $191,951 to $243,725 | $39,110.50 | + | 32% |
| $243,726 to $365,600 | $55,678.50 | + | 35% |
| Over $365,600 | $98,334.75 | + | 37% |
| Head of household | |||
| Up to $16,550 | $0 | + | 10% |
| $16,551 to $63,100 | $1,655.00 | + | 12% |
| $63,101 to $100,500 | $7,241.00 | + | 22% |
| $100,501 to $191,950 | $15,469.00 | + | 24% |
| $191,951 to $243,700 | $37,417.00 | + | 32% |
| $243,701 to $609,350 | $53,977.00 | + | 35% |
| Over $609,350 | $181,954.50 | + | 37% |
*The percentage applies to each dollar of taxable income within the range until the next income threshold is reached.
Standard Deduction
Single $14,600
Married filing jointly $29,200
Married filing separately $14,600
Head of household $21,900
Dependent* $1,300*
Additional deduction for blind or aged (age 65+)
Single or head of household $1,950
Married filing jointly or separately $1,550
Alternative Minimum Tax (AMT)
| Maximum exemption amount | Exemption phaseout threshold | |
| Single or head of household | $85,700 | $609,350 |
| Married filing jointly | $133,300 | $1,218,700 |
| Married filing separately | $66,650 | $609,350 |
| 26% rate applies to AMT income up to $232,600*
28% rate applies to AMT income over $232,600* |
||
*$116,300 if married filing separately.
Education Credits and Deductions
| MAGI phaseout ranges | |
| Single or
head of household |
Married filing jointly |
| Lifetime Learning credit $80,000 to $90,000
($2,000 max) |
$160,000 to $180,000 |
| American Opportunity credit $80,000 to $90,000
($2,500 max) |
$160,000 to $180,000 |
| Education loan interest deduction $80,000 to $95,000
($2,500 max) |
$165,000 to $195,000 |
| U.S. Savings bond interest exclusion $96,800 to $111,800 for higher-education expenses | $145,200 to $175,200 |
Estate Planning
| Annual gift tax exclusion | $18,000 |
| Noncitizen spouse annual gift tax exclusion | $185,000 |
| Top gift, estate, and GST tax rate | 40% |
| Gift tax and estate tax applicable exclusion amount | $13,610,000 + DSUEA* |
| Generation-skipping transfer (GST) tax exemption | $13,610,000** |
* Basic exclusion amount plus deceased spousal unused exclusion amount (exclusion is portable).
**The GST tax exemption is not portable.
Retirement Planning
| Employee contribution limits to employer plans* | |
| 401(k) plans, 403(b) plans, 457(b) plans, and SAR-SEPs (includes Roth contributions to these plans) | $23,000 |
| Annual catch-up contribution (age 50+) | $7,500 |
| SIMPLE 401(k) and SIMPLE IRA plans | $16,000 |
| Annual catch-up contribution (age 50+) | $3,500 |
| IRA contribution limits** | |
| Traditional and Roth IRAs (combined) | $7,000 |
| Annual catch-up contribution (age 50+) | $1,000 |
* Lesser of these limits or 100% of participant’s compensation.
** Lesser of these limits or 100% of earned income.
| MAGI phaseout limits for deductible contributions to a traditional IRA (affects taxpayers covered by an employer-sponsored retirement plan) | |
| Single or head of household | $77,000 to $87,000 |
| Married filing jointly when the spouse who makes the contribution is covered by a workplace plan | $123,000 to $143,000 |
| Married filing jointly when the spouse who makes the contribution is not covered by a workplace plan but the other spouse is covered | $230,000 to $240,000 |
| Married filing separately | Up to $10,000 |
| MAGI phaseout limits to contribute to a Roth IRA |
| Single or head of household $146,000 to $161,000 |
| Married filing jointly $230,000 to $240,000 |
| Married filing separately up to $10,000 |
Health Care
| Flexible spending account (FSA) for health care | |
| Maximum salary reduction contribution | $3,200 |
| Health savings account (HSA) | |
| Annual contribution limit — individual coverage | $4,150 |
| Annual contribution limit — family coverage | $8,300 |
| Annual catch-up contribution (age 55+) | $1,000 |
| High-deductible health plan (HDHP) | |
| Minimum deductible — individual coverage | $1,600 |
| Minimum deductible — family coverage | $3,200 |
| Maximum out-of-pocket amount — individual | $8,050 |
| Maximum out-of-pocket amount — family | $16,100 |
Social Security/Medicare
Maximum taxable earnings
Social Security (OASDI only) – $168,600
Medicare (HI only) – No limit
Standard Mileage Rates
| Business purposes | TBD |
| Medical purposes | TBD |
| Charitable purposes | 14¢ per mile |
| Moving purposes | TBD |
Investment Taxes
| Single filer | Married filing jointly | Married filing separately | Head of household | Tax rate |
| Long-term capital gain & qualified dividend tax (taxable income thresholds) | ||||
| Up to $47,025 | Up to $94,050 | Up to $47,025 | Up to $63,000 | 0% |
| $47,026 up to $518,900 | $94,051 up to $583,750 | $47,026 up to $291,850 | $63,001 up to $551,350 | 15% |
| More than $518,900 | More than $583,750 | More than $291,850 | More than $551,350 | 20% |
| Net investment income tax (MAGI thresholds) | ||||
| Over $200,000 | Over $250,000 | Over $125,000 | Over $200,000 | 3.8%* |
*The 3.8% net investment income tax (also referred to as the unearned income Medicare contribution tax) applies to the lesser of (a) net investment income or
(b) modified adjusted gross income (MAGI) exceeding the above thresholds. It does not apply to municipal bond interest or qualified retirement plan/IRA withdrawals.
Copyright 2006- Broadridge Investor Communication Solutions, Inc. All rights reserved.
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
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CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.
Trust Services are available through MEMBERS Trust Company. CFS* is not affiliated with Members Trust Company.
