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%
201,050 383,900 34,344 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 $16,550 $0 10%
16,550 63,100 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 $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%
 

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 and Surviving Spouse $133,300
Single Individuals/Heads of Households $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 and Surviving Spouse $250,000
Single Individuals/Heads of Households $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 Tax Credit Phaseout

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)
$43,025 (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 Cash Public
 FMV
50% Ordinary Income
 Public Basis
50% 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.

Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.

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Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company and an affiliate of Pacific Life & Annuity Company. 

The home office for Pacific Life & Annuity Company is located in Phoenix, Arizona. The home office for Pacific Life Insurance Company is located in Omaha, Nebraska.

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