2024 Federal Tax Amounts and Limits

To help you stay informed of changes to federal tax amounts and limits, use this quick-reference sheet. Note: This sheet applies only to federal tax laws for the tax year 2024 and not to state tax laws. Information is as of January 1, 2024.


 

General Income Tax

Joint Returns/Surviving Spouse
Min. Max. Tax on Min. Rate on Excess
$0 $23,200 $0 10%
23,220 94,300 2,320 12%
94,300 201,050 10,849 22%
20,1050 383,900 34,334 24%
383,900 487,450 78,218 32%
487,450 731,200 111,354 35%
731,200 - 196,667 37%

 

Head of Household
Min. Max. Tax on Min. Rate on Excess
$0 $16550 $0 10%
16,550 631,00 1,655 12%
63,100 100,500 7,241 22%
100,500 191,950 15,469 24%
191,950 243,700 37,417 32%
243,700 609,350 53,977 35%
609,350 - 181,955 37%

 

Single Individuals
Min. Max. Tax on Min. Rate on Excess
$0 $11600 $0 10%
11,600 47,150 1,160 12%
47,150 100,525 5,426 22%
100,525 191,950 17,169 24%
191,950 243,725 39,111 32%
243,725 609,350 55,679 35%
609,350 - 183,648 37%

 

Married Filing Separate
Min. Max. Tax on Min. Rate on Excess
$0 $11,600 $0 10%
11,600 47,150 1,160 12%
47,150 100,525 5,426 22%
100,525 191,950 17,169 24%
191,950 243,725 39,111 32%
243,725 609,350 55,679 35%
609,350 - 183,648 37%

 

Estates and Trusts
Min. Max. Tax on Min. Rate on Excess
$0 $3,100 $0 10%
3,100 11,150 310 24%
11,150 15,200 2,242 35%
15,200 - 3,660 37%

Standard Deduction

Joint Returns and Surviving Spouse $29,200
Heads of Households $21,900
Single Individuals $14,600
Married Filing Separate $14,600
Dependent $1,300, or $450 plus earned income, if greater
Aged or Blind - Unmarried and not Surviving Spouse $1,950 each
Aged or Blind - Other $1,550 each

Kiddie Tax

Amount $1,300
Exemption $2,600
Alternative Minimum Tax Exemption $9,250 plus earned income

Child Tax Credit

Amount $2,000
Refundable Threshold $1,700

AMT Exemption Amounts

Tax Filing Status AMT Exemption Amounts
Joint Returns/Surviving Spouses $133,300
Single Individuals/Head of Household $85,700
Married Filing Separate $66,650
Estates and Trusts $29,900
Excess Taxable Income 28% Applies
Married Filing Separate $116,300
Joint Returns/Surviving Spouses/Single Estates and Trusts $232,600

MAGI Threshold for Net Investment Income Tax (NIIT)

Tax Filing Status MAGI Threshold
Joint Returns/Surviving Spouses $250,000
Single Individuals/Head of Household $200,000
Married Filing Separate $125,000
Estates and Trusts $14,450
Net Investment Income - e.g., interest, dividends, capital gains, rental income, royalty income, non-qualified annuities, passive income from business
Net Investment Income Tax - 3.8% of lesser of MAGI over thresholds OR net investment income

American Opportunity Education Tax Credit

Contribution Limit for 100% Tax Credit $2,000
25% Tax Credit for Amount Between $2,000-$4,000
American Opportunity Tax Credit Phaseout
Joint Return $160,000 / $180,000
All Other $80,000 / $90,000

Capital Gain/Qualified Dividends Rates

Annual Income & Filing Status Capital Gains/Qualified Dividends Rates

Under: $94,050 (joint)
$63,000 (H-O-H)
$47,025 (single & married filing separately)

0%

$94,050-$573,750 (joint)
$63,000-$551,350 (H-O-H)
$47,025-$518,900(single)
$47,025-$291,850 (married filing separately)

15%

Over: $583,750 (joint)
$551,350 (H-O-H)
$518,900 (single)
$291,850 (married filing separately)

20%

Estate Planning

Gift Tax Annual Exclusion $18,000
Annual Exclusion: Non-U.S. Spouse $185,000
Estate and Gift Tax Unified Credit $5,389,800
Estate and Gift Tax Exclusion Amount $13,610,000
Top Gift and Estate Tax Rate 40%
GST Exemption $13,610,000

Income Tax Charitable Deduction Limitations

Limit1 Gift Charity Value

60%2

50%

50%

Cash Public FMV
Ordinary Income Public
Basis
UUTPP Public
Basis
30%3 LTCG Public
FMV4
Ordinary Income Public
Basis
Other than LTCG Private Basis
20%5 LTCG Private Basis6

FMV = fair market value
LTCG = long-term capital gains property
UUTPP = unrelated use tangible personal property

1Percentage of adjusted gross income (AGI), 5-year carryover for disallowed deductions
2Gifts to charity (not for use of charity)
3Lesser of 30% limit or unused 50% limit
4Can elect 50% limit for gifts of LTCG to public charity if use basis as value
5Lesser of 20% limit or unused 30% limit
6FMV for qualified appreciated stock

Source: Tax Cuts and Jobs Act.
 

Tax Management Topics
For Use With Clients

 

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