| Maximum Salary Deferrals: | $23,000 for 401(k), 403(b), 501(c), 457 plans; / $16,000 for SIMPLE 'catch-up'contribution limits for age 50+: (additional $7,500 / $3,500 for SIMPLE) $3,200 for Health FSA |
| Self-Employed: | SEP-IRA: $69,000, with limitation of 20% adjusted net s/e income |
| Traditional IRA Contributions Limit: | $7,000 (up to amount of earned income for the year)
additional catch-up $1,000 for age 50+ |
Traditional IRA Deduction MAGI Phaseout: (when also eligible to contribute to a retirement plan at work) |
MFJ, QW: $123,000-$143,000 S, HH: $77,000-$87,000 MFS: 0-$10,000 (living apart all year, see S) MFJ taxpayer when only other spouse covered by a plan: $230,000-$240,000 |
Roth IRA Contributions MAGI Phaseout: |
MFJ, QW: $230,000-$240,000 S, HH: $146,000-$161,000 MFS: 0-$10,000 (living apart all year, see S) |
Retirement Savings Credit ('Saver's Credit') Maximum AGI Limit: |
MFJ: $76,500 HH: $57,375 S, QW, MFS: $38,250 |
| Social Security: |
Before retirement age, can earn up to $23,320 without repaying benefits. Benefits reduced $1 for each $2 earned over limit Preceding months in year of reaching retirement age: $59,520. Benefits reduced $1 for each $3 earned over limit On/after retirement month, no limit. Maximum monthly benefits for 2024: $3,822 Earnings subject to SS tax: Employee: $168,600 (maximum $10453.20 w/h) Household help: cash wages over $2,700 |
| Health Savings Account: | Maximum HSA contribution $4,150 individual coverage / $8,300 family coverage.
additional catch-up $1,000 for age 55+ |
| Child Tax Credit: may be increased w/new law |
$2,00 per child under age 17, with up to $1600 potentially refundable. with phaseout starting at a higher AGI level of 400K MFJ, 200K others. $500 credit for other dependents. (TCJA and American Rescue Plan) |
| Child and Dependent Care Expenses/Credit: | Allowed expenses for credit of 3K one child / 6K two or more. Dependent care benefits set-aside 5K Maximum credit $600 (one child) / $1200 (two or more children) |
| Educational Credit: (MFS ineligible) | American Opportunity Credit (aka Hope Credit): 100% of first $2,000, 25% of next $2,000 tuition (all 4 years college) MAGI phaseout: $80,000-$90,000 (individual); $160,000-$180,000 (MFJ) Lifetime Learning Credit: 20% of up to $10,000 tuition (any year college+) MAGI phaseout: $80,000-$90,000 (individual); $160,000-$180,000 (MFJ) |
| Student Loan Interest: (MFS ineligible) | Up to $2,500 MAGI phaseout: $80,000-$95,000 (individual); $165,000-$195,000 (MFJ) |
Earned Income Credit: (MFS ineligible) |
Maximum Earned income/MAGI limit: $18,591 (no children), $49,804 (one child), $55,768 (two children), $59,899 (three children) limits increased by $6,920 if MFJ Maximum credit will range from $632 for no children up to $7,830 for three or more children. (disqualified if investment income over $11,060, any filing status) |
| Adoption Credit: | Up to $16,810 nonrefundable credit (MAGI phaseout $252,150-$292,150) |
| 'Kiddie Tax' | Child under 18/full-time student under 24, with interest/dividends over $2,600
That portion in excess of $2,600 is taxed at the parents' marginal (top) rate. |
| Standard Mileage Rates: |
Business: 67¢ (Depreciation adjustment: 30¢) Charity: 14¢ Medical: 21¢ |
| Itemized Deduction phaseout: | This has been eliminated. And with no personal exemptions, that phaseout also eliminated. (TCJA). |
| Section 179 Expense: may change w/new tax law |
total limit for tangible personal property placed in service: $1,220,000 phaseout starts at $3.05M placed in service |
| Depreciation Limit (with/without bonus depreciation): | Passenger auto limit, first year business: $30,500 / TBD (likely $12,500)
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| Capital Gain Tax: | Long-term (holding over a year): 0% for taxable income up to $47,025K (S,MFS), $63,000K (HH), $94,050K (MFJ, QW) 15% for next range of taxable income to $518,300 (S), $551,350 (HH), $583,750 (MFJ, QW) or $291,850 (MFS) 20% for taxable income over those amounts. |
| Gift Tax Exclusion/ Estate Exclusion: | $18,000 / $13.61M |
| Foreign Income Exclusion: | $126,500 |
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