Broker Check

KEY FACTS FOR 2024

  • Annual Gift Tax Exclusion: $18,000
  • Estate, gift and generation-skipping tax exemption - $13,610,000
  • IRA and Roth IRA Contribution Limits: $7,000 plus another $1,000 for individuals over 50
  • Simple IRA Contributions: $16,000 plus another $3,500 for individuals over 50
  • 401(k) Contribution Limits: $23,000 plus another $7,500 for individuals over 50
  • SEP IRA Contribution Limits: 25% of compensation or maximum of $69,000
  • Top Federal Tax Rate: 37% on income over $609,351 for single taxpayers and $731,201 for married taxpayers
  • Top Federal Tax Rate: 37% on income over $15,201 for Estates & Trusts
  • Long-Term Federal Capital Gains Rate: 20% on maximum taxable income over $518,900 for single taxpayers and maximum taxable income over $583,750 for married taxpayers
  • Long-Term Federal Capital Gains Rate: 15% on maximum taxable income of $47,025-$518,900 for single taxpayers and maximum taxable income of $94,050-$583,750 for married taxpayers
  • Additional 3.8% Net Investment Income Tax on investment income, dividends and capital gains for single taxpayers with AGI greater than $200,000 and married taxpayers with AGI greater than $250,000
  • Standard Deduction: $14,600 for single taxpayers and $29,200 for married taxpayers
  • State and Local Tax Deductions: Individuals can deduct up to $10,000 which includes a combination of property taxes and state income tax or sales tax
  • Mortgage Interest: The mortgage interest deduction is capped at loans of $750,000
  • Home Equity Loans: Loans for other than home purchase, build or renovation are no longer deductible
  • Annual Benefit Limit under Defined Benefit Plans: $275,000
  • Health Savings Account: $4,150 contribution limit for single taxpayers, $8,300 contribution limit for family, $1,000 Catch-up for taxpayers over 55