Tax Limitations: 2024
| Retirement Plans | |
| Salary deferrals into 401(k), 403(b), and 457 Plans | $23,000 |
| Catch-up contribution (age 50+) | $7,500 |
| Defined Contribution | $69,000 |
| Defined Benefit | $275,000 |
| IRA and Roth IRA | $7,000 |
| Catch-up contribution (age 50+) | $1,000 |
| IRA deduction phaseout for active participants: | |
| Single | $77,000 - $87,000 |
| Married Filing Jointly | $123,000 - $143,000 |
| Spousal IRA | $230,000 - $240,000 |
| Roth IRA phaseout: | |
| Single | $146,000 - $1461,000 |
| Married Filing Jointly | $230,000 - $240,000 |
| Estate and Gifting | |
| Estate tax exclusion | $13,610,000 |
| Gift tax annual exclusion | $18,000 |
| Education | |
| Coverdell Education Savings Account ($2,000 limit) phaseout: | |
| Single | $95,000 - $110,000 |
| Married Filing Jointly | $190,000 - $220,000 |
| Lifetime Learning Credit (20% of qualified expenses up to $10,000) phaseout: | |
| Single | $80,000 - $90,000 |
| Married Filing Jointly | $160,000 - $180,000 |
| American Opportunity Tax Credit (100% up to $2k of qualified expenses, 25% on next $2k) phaseout: | |
| Single | $80,000 - $90,000 |
| Married Filing Jointly | $160,000 - $180,000 |
| Student loan interest deduction ($2,500) phase out | |
| Single | $70,000 - $85,000 |
| Married Filing Jointly | $140,000 - $170,000 |
| Deductions | |
| Personal Exemption | $0, suspended for 2018 - 2025 |
| Standard Deduction: | |
| Single | $14,600 |
| Married Filing Jointly | $29,200 |
| Married Filing Separately | $14,600 |
| Head of Household | $21,900 |
| Standard Mileage Use Rates: | |
| Business | $0.67 per mile |
| Charitable | $0.14 per mile |
| Medical or Moving | $0.21 per mile |
| Social Security & Medicare | ||||||||||||||||||||||
| Social Security tax rate (employee) | 6.20% | |||||||||||||||||||||
| Social Security tax rate (self-employed) | 12.40% | |||||||||||||||||||||
| Social Security taxable wage base | $168,600 | |||||||||||||||||||||
| Retirement earnings exempt amount* | $22,320/year | |||||||||||||||||||||
| * $1 in social security benefits will be withheld for every $2 in earning above this amount | ||||||||||||||||||||||
| Medicare tax rate (employee) | 1.45% | |||||||||||||||||||||
| Medicare tax rate (self-employed) | 2.90% | |||||||||||||||||||||
| Medicare taxable wage base | Unlimited | |||||||||||||||||||||
| Medicare Part B: | ||||||||||||||||||||||
| Deductible | $240 | |||||||||||||||||||||
| Coinsurance | 20% | |||||||||||||||||||||
Monthly premium:
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