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{"id":1662,"date":"2024-01-14T21:44:26","date_gmt":"2024-01-14T21:44:26","guid":{"rendered":"https:\/\/elitewealthadvisor.com\/?p=1662"},"modified":"2024-01-14T21:53:23","modified_gmt":"2024-01-14T21:53:23","slug":"numbers","status":"publish","type":"post","link":"https:\/\/elitewealthadvisor.com\/numbers","title":{"rendered":"2024 Key Numbers"},"content":{"rendered":"

2024 Key Numbers<\/h1>
$\"\"$ <\/figure>
Individual Income Tax Planning<\/h2>
Adoption credit<\/h3>
Adoption credit<\/th> 2023<\/th> 2024<\/th><\/tr>
Maximum credit<\/td> $15,950<\/td> $16,810<\/td><\/tr>
Phaseout threshold amount<\/td> $239,230<\/td> $252,150<\/td><\/tr>
Completed phaseout amount after<\/td> $279,230<\/td> $292,150<\/td><\/tr><\/tbody><\/table><\/figure>
$\"\"$ <\/a><\/figure>
Alternative Minimum Tax (AMT)<\/h3>
Maximum AMT exemption amount<\/th> 2023<\/th> 2024<\/th><\/tr>
Married filing jointly or surviving spouse<\/td> $126,500<\/td> $133,300<\/td><\/tr>
Single or head of household<\/td> $81,300<\/td> $85,700<\/td><\/tr>
Married filing separately<\/td> $63,250<\/td> $66,650<\/td><\/tr><\/tbody><\/table><\/figure>
AMT income exemption phaseout threshold<\/th> 2023<\/th> 2024<\/th><\/tr>
Married filing jointly or surviving spouse<\/td> $1,156,300<\/td> $1,218,700<\/td><\/tr>
Single or head of household<\/td> $578,150<\/td> $609,350<\/td><\/tr>
Married filing separately<\/td> $578,150<\/td> $609,350<\/td><\/tr><\/tbody><\/table><\/figure>
AMT tax rate (26% rate applies to AMTI at or below amount; 28% applies to AMTI above amount)<\/th> 2023<\/th> 2024<\/th><\/tr>
All taxpayers except married filing separately<\/td> $220,700<\/td> $232,600<\/td><\/tr>
Married filing separately<\/td> $110,350<\/td> $116,300<\/td><\/tr><\/tbody><\/table><\/figure>
\n
<\/iframe><\/div>\n<\/div><\/figure><h3 class=\"wp-block-heading\">Charitable deductions<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Use of auto<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Deductible standard mileage rate<\/td><td>$0.14<\/td><td>$0.14<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Charitable fundraising “insubstantial benefit” limitation<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Low-cost article (re: unrelated business income)<\/td><td>$12.50<\/td><td>$13.20<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image size-full\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\"><img decoding=\"async\" width=\"1024\" height=\"199\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-1.png\" alt=\"\" class=\"wp-image-1665\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-1.png 1024w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-1-300x58.png 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-1-768x149.png 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-1-600x117.png 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Gifts to donor in return for contribution<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Token gift maximum cost<sup> 1<\/sup><\/td><td>$12.50<\/td><td>$13.20<\/td><\/tr><tr><td>Minimum contribution amount<sup> 1<\/sup><\/td><td>$62.50<\/td><td>$66.00<\/td><\/tr><tr><td>2% threshold amount<sup> 2<\/sup><\/td><td>$125<\/td><td>$132<\/td><\/tr><\/tbody><\/table><\/figure><p><sup>1<\/sup> Contribution is fully deductible if minimum contribution amount is met and cost of token gift does not exceed maximum<\/p><p><sup>2<\/sup> Charitable contribution is fully deductible if the benefit received by the donor doesn’t exceed the lesser of the threshold amount or 2% of the amount of the contribution<\/p><h3 class=\"wp-block-heading\">Child tax credit<\/h3><p><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/p><figure class=\"wp-block-table\"><table><tbody><tr><th>Amount of credit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum credit per qualifying child<\/td><td>$2,000<\/td><td>$2,000<\/td><\/tr><tr><td>Nonrefundable credit for dependents who are not qualifying children<\/td><td>$500<\/td><td>$500<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Phaseout — credit reduced by $50 for each $1,000 or fraction thereof of MAGI over (but not to be reduced below $2,000):<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Married filing jointly or surviving spouse<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Head of household<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Single or married filing separately<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"563\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-1-1024x563.jpg\" alt=\"\" class=\"wp-image-1666\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-1-1024x563.jpg 1024w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-1-300x165.jpg 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-1-768x423.jpg 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-1-600x330.jpg 600w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-1.jpg 1047w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Phaseout — any remaining credit reduced by $50 for each $1,000 or fraction thereof of MAGI over:<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Married filing jointly<\/td><td>$400,000<\/td><td>$400,000<\/td><\/tr><tr><td>All other filing status<\/td><td>$200,000<\/td><td>$200,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Refundability — up to specified percentage of earned income in excess of specified amount<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Percentage<\/td><td>15%<\/td><td>15%<\/td><\/tr><tr><td>Amount<\/td><td>$2,500<\/td><td>$2,500<\/td><\/tr><tr><td>Maximum refundable amount of credit<\/td><td>$1,600<\/td><td>$1,700<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><h3 class=\"wp-block-heading\">Classroom expenses of elementary and secondary school teachers<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Classroom expense deduction<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum above-the-line deduction<\/td><td>$300<\/td><td>$300<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Earned income tax credit (EITC)<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Investment income limit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Excessive investment income limit (“disqualified income limit”)<\/td><td>$11,000<\/td><td>$11,600<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Maximum amount of EITC per number of children<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>0 children<\/td><td>$600<\/td><td>$632<\/td><\/tr><tr><td>1 child<\/td><td>$3,995<\/td><td>$4,213<\/td><\/tr><tr><td>2 children<\/td><td>$6,604<\/td><td>$6,960<\/td><\/tr><tr><td>3 or more children<\/td><td>$7,730<\/td><td>$7,830<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><figure class=\"wp-block-image size-full\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"199\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-2.png\" alt=\"\" class=\"wp-image-1667\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-2.png 1024w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-2-300x58.png 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-2-768x149.png 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-2-600x117.png 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Maximum amount of earned income on which EITC is based (earned income over this amount but under the threshold phaseout amount will not change the amount of the credit received)<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>0 children<\/td><td>$7,840<\/td><td>$8,260<\/td><\/tr><tr><td>1 child<\/td><td>$11,750<\/td><td>$12,390<\/td><\/tr><tr><td>2 or more children<\/td><td>$16,510<\/td><td>$17,400<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Threshold phaseout amount for joint filers per number of children<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>0 children<\/td><td>$16,370<\/td><td>$17,250<\/td><\/tr><tr><td>1 child<\/td><td>$28,120<\/td><td>$29,640<\/td><\/tr><tr><td>2 children<\/td><td>$28,120<\/td><td>$29,640<\/td><\/tr><tr><td>3 or more children<\/td><td>$28,120<\/td><td>$29,640<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Threshold phaseout amount for other filers per number of children<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>0 children<\/td><td>$9,800<\/td><td>$10,330<\/td><\/tr><tr><td>1 child<\/td><td>$21,560<\/td><td>$22,720<\/td><\/tr><tr><td>2 children<\/td><td>$21,560<\/td><td>$22,720<\/td><\/tr><tr><td>3 or more children<\/td><td>$21,560<\/td><td>$22,720<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Completed phaseout amount for joint filers per number of children<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>0 children<\/td><td>24,210<\/td><td>$25,511<\/td><\/tr><tr><td>1 child<\/td><td>$53,120<\/td><td>$56,004<\/td><\/tr><tr><td>2 children<\/td><td>$59,478<\/td><td>$62,688<\/td><\/tr><tr><td>3 or more children<\/td><td>$63,398<\/td><td>$66,819<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"420\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2.jpg\" alt=\"\" class=\"wp-image-1669\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2.jpg 800w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2-300x158.jpg 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2-768x403.jpg 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2-600x315.jpg 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Completed phaseout amount for other filers per number of children<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>0 children<\/td><td>$17,640<\/td><td>$18,591<\/td><\/tr><tr><td>1 child<\/td><td>$46,560<\/td><td>$49,084<\/td><\/tr><tr><td>2 children<\/td><td>$52,918<\/td><td>$55,768<\/td><\/tr><tr><td>3 or more children<\/td><td>$56,838<\/td><td>$59,899<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Expatriation<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Covered expatriate<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>An individual with “average annual net income tax” of more than this amount for the five taxable years ending before his or her loss of citizenship is a covered expatriate for the purposes of IRC \u00a7877A(g)(1)<\/td><td>$190,000<\/td><td>$201,000<\/td><\/tr><tr><td>IRC \u00a7877A(3) exclusion amount<\/td><td>$821,000<\/td><td>$866,000<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Foreign earned income<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Amount excluded from income<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Exclusion amount<\/td><td>$120,000<\/td><td>$126,500<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Itemized deductions<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Phaseout threshold<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Married filing jointly<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Head of household<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Unmarried<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Married filing separately<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><h3 class=\"wp-block-heading\">Kiddie tax<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Unearned income limit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Amount exempt from tax<\/td><td>$1,250<\/td><td>$1,300<\/td><\/tr><tr><td>Additional amount taxed at child’s rate<\/td><td>$1,250<\/td><td>$1,300<\/td><\/tr><tr><td>Unearned income over this amount generally taxed at parents’ tax rates<\/td><td>$2,500<\/td><td>$2,600<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Parent’s election<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Election to include child’s income on parent’s return — child’s gross income requirement<\/td><td>$1,250 – $12,500<\/td><td>$1,300 – $13,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>AMT<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>AMT exemption for child subject to kiddie tax<\/td><td>Lesser of $8,800 + child’s earned income or $81,300<\/td><td>Lesser of $9,250 + child’s earned income or $85,700<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image size-full\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"199\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-3.png\" alt=\"\" class=\"wp-image-1670\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-3.png 1024w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-3-300x58.png 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-3-768x149.png 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-3-600x117.png 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><h3 class=\"wp-block-heading\">Medicare tax (additional payroll tax and unearned income contribution tax)<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Payroll tax<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Additional Medicare payroll tax (and self-employment tax) percentage rate<\/td><td>0.90%<\/td><td>0.90%<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Applies to wages\/self-employment income exceeding<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Individuals<\/td><td>$200,000<\/td><td>$200,000<\/td><\/tr><tr><td>Married filing jointly<\/td><td>$250,000<\/td><td>$250,000<\/td><\/tr><tr><td>Married filing separately<\/td><td>$125,000<\/td><td>$125,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"979\" height=\"367\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-Wealth-Advisor-College-Tuition-1.jpg\" alt=\"\" class=\"wp-image-1672\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-Wealth-Advisor-College-Tuition-1.jpg 979w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-Wealth-Advisor-College-Tuition-1-300x112.jpg 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-Wealth-Advisor-College-Tuition-1-768x288.jpg 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-Wealth-Advisor-College-Tuition-1-600x225.jpg 600w\" sizes=\"(max-width: 979px) 100vw, 979px\" \/><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Tax on unearned income<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Unearned income Medicare contribution tax rate<\/td><td>3.80%<\/td><td>3.80%<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Individuals<\/td><td>$200,000<\/td><td>$200,000<\/td><\/tr><tr><td>Married filing jointly<\/td><td>$250,000<\/td><td>$250,000<\/td><\/tr><tr><td>Married filing separately<\/td><td>$125,000<\/td><td>$125,000<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Nanny tax<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Compensation threshold<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Domestic employee coverage threshold<\/td><td>$2,600<\/td><td>$2,700<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Personal exemption amount<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Amount<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Personal exemption amount<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Married filing jointly<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Phaseout threshold amount<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Completed phaseout amount after<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Head of household<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Phaseout threshold amount<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Completed phaseout amount after<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Unmarried<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Phaseout threshold amount<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Completed phaseout amount after<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Married filing separately<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Phaseout threshold amount<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Completed phaseout amount after<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">“Saver’s Credit”<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Elective Deferrals and IRA or ABLE Contributions by Certain Individuals<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum credit amount<\/td><td>$1,000<\/td><td>$1,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Applicable percentage of 50% applies to AGI<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Joint Return<\/td><td>$0 – $43,500<\/td><td>$0 – $46,000<\/td><\/tr><tr><td>Head of Household<\/td><td>$0 – $32,625<\/td><td>$0 – $34,500<\/td><\/tr><tr><td>Other<\/td><td>$0 – $21,750<\/td><td>$0 – $23,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Applicable percentage of 20% applies to AGI<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Joint Return<\/td><td>$43,501 – $47,500<\/td><td>$46,001 – $50,000<\/td><\/tr><tr><td>Head of Household<\/td><td>$32,626 – $35,625<\/td><td>$34,501 – $37,500<\/td><\/tr><tr><td>Other<\/td><td>$21,751 – $23,750<\/td><td>$23,001 – $25,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-1024x576.jpg\" alt=\"\" class=\"wp-image-1673\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-1024x576.jpg 1024w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-300x169.jpg 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-768x432.jpg 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-600x338.jpg 600w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Applicable percentage of 10% applies to AGI<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Joint Return<\/td><td>$47,501 – $73,000<\/td><td>$50,001 – $76,500<\/td><\/tr><tr><td>Head of Household<\/td><td>$35,626 – $54,750<\/td><td>$37,501 – $57,375<\/td><\/tr><tr><td>Other<\/td><td>$23,751 – $36,500<\/td><td>$25,001 – $38,250<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Applicable percentage of 0% applies to AGI<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Joint Return<\/td><td>Over $73,000<\/td><td>Over $76,500<\/td><\/tr><tr><td>Head of Household<\/td><td>Over $54,750<\/td><td>Over $57,375<\/td><\/tr><tr><td>Other<\/td><td>Over $36,500<\/td><td>Over $38,250<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Standard deductions<\/h3><figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"840\" height=\"548\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-5.jpg\" alt=\"\" class=\"wp-image-1674\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-5.jpg 840w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-5-300x196.jpg 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-5-768x501.jpg 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-5-600x391.jpg 600w\" sizes=\"(max-width: 840px) 100vw, 840px\" \/><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Amounts<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Married filing jointly or surviving spouse<\/td><td>$27,700<\/td><td>$29,200<\/td><\/tr><tr><td>Head of household<\/td><td>$20,800<\/td><td>$21,900<\/td><\/tr><tr><td>Unmarried<\/td><td>$13,850<\/td><td>$14,600<\/td><\/tr><tr><td>Married filing separately<\/td><td>$13,850<\/td><td>$14,600<\/td><\/tr><tr><td>Dependent–Standard deduction cannot exceed the greater of:<\/td><td>$1,250 or $400 + earned income<\/td><td>$1,300 or $450 + earned income<\/td><\/tr><tr><td>Additional deduction for aged or blind (single or head of household)<\/td><td>$1,850<\/td><td>$1,950<\/td><\/tr><tr><td>Additional deduction for aged or blind (all other filing statuses)<\/td><td>$1,500<\/td><td>$1,550<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Standard mileage rates<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Applicable rates<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Use of auto for business purposes (cents per mile)<\/td><td>$0.655<\/td><td>$0.67<\/td><\/tr><tr><td>Use of auto for medical purposes (cents per mile)<\/td><td>$0.22<\/td><td>$0.21<\/td><\/tr><tr><td>Use of auto for moving purposes (cents per mile)<\/td><td>$0.22<\/td><td>$0.21<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">2024 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)<\/h2><h3 class=\"wp-block-heading\">Single taxpayers<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $11,600<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $11,600 to $47,150<\/td><td>$1,160 + 12% of the excess over $11,600<\/td><\/tr><tr><td>Over $47,150 to $100,525<\/td><td>$5,426 + 22% of the excess over $47,150<\/td><\/tr><tr><td>Over $100,525 to $191,950<\/td><td>$17,168.50 + 24% of the excess over $100,525<\/td><\/tr><tr><td>Over $191,950 to $243,725<\/td><td>$39,110.50 + 32% of the excess over $191,950<\/td><\/tr><tr><td>Over $243,725 to $609,350<\/td><td>$55,678.50 + 35% of the excess over $243,725<\/td><\/tr><tr><td>Over $609,350<\/td><td>$183,647.25 + 37% of the excess over $609,350<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"168\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-4.jpg\" alt=\"\" class=\"wp-image-1675\"\/><\/figure><h3 class=\"wp-block-heading\">Married filing jointly and surviving spouses<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $23,200<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $23,200 to $94,300<\/td><td>$2,320 + 12% of the excess over $23,200<\/td><\/tr><tr><td>Over $94,300 to $201,050<\/td><td>$10,852 + 22% of the excess over $94,300<\/td><\/tr><tr><td>Over $201,050 to $383,900<\/td><td>$34,337 + 24% of the excess over $201,050<\/td><\/tr><tr><td>Over $383,900 to $487,450<\/td><td>$78,221 + 32% of the excess over $383,900<\/td><\/tr><tr><td>Over $487,450 to $731,200<\/td><td>$111,357 + 35% of the excess over $487,450<\/td><\/tr><tr><td>Over $731,200<\/td><td>$196,669.50 + 37% of the excess over $731,200<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Married individuals filing separately<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $11,600<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $11,600 to $47,150<\/td><td>$1,160 + 12% of the excess over $11,600<\/td><\/tr><tr><td>Over $47,150 to $100,525<\/td><td>$5,426 + 22% of the excess over $47,150<\/td><\/tr><tr><td>Over $100,525 to $191,950<\/td><td>$17,168.50 + 24% of the excess over $100,525<\/td><\/tr><tr><td>Over $191,950 to $243,725<\/td><td>$39,110.50 + 32% of the excess over $191,950<\/td><\/tr><tr><td>Over $243,725 to $365,600<\/td><td>$55,678.50 + 35% of the excess over $243,725<\/td><\/tr><tr><td>Over $365,600<\/td><td>$93,334.75 + 37% of the excess over $365,600<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image size-full\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"199\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-4.png\" alt=\"\" class=\"wp-image-1676\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-4.png 1024w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-4-300x58.png 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-4-768x149.png 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-4-600x117.png 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><h3 class=\"wp-block-heading\">Heads of household<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $16,550<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $16,550 to $63,100<\/td><td>$1,655 + 12% of the excess over $16,550<\/td><\/tr><tr><td>Over $63,100 to $100,500<\/td><td>$7,241 + 22% of the excess over $63,100<\/td><\/tr><tr><td>Over $100,500 to $191,950<\/td><td>$15,469 + 24% of the excess over $100,500<\/td><\/tr><tr><td>Over $191,950 to $243,700<\/td><td>$37,417 + 32% of the excess over $191,950<\/td><\/tr><tr><td>Over $243,700 to $609,350<\/td><td>$53,977 + 35% of the excess over $243,700<\/td><\/tr><tr><td>Over $609,350<\/td><td>$181,954.50 + 37% of the excess over $609,350<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Trusts and estates<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $3,100<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $3,100 to $11,150<\/td><td>$310 + 24% of the excess over $3,100<\/td><\/tr><tr><td>Over $11,150 to $15,200<\/td><td>$2,242 + 35% of the excess over $11,150<\/td><\/tr><tr><td>Over $15,200<\/td><td>$3,659.50 + 37% of the excess over $15,200<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">2023 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)<\/h2><h3 class=\"wp-block-heading\">Single taxpayers<\/h3><figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-1024x536.png\" alt=\"\" class=\"wp-image-1677\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-1024x536.png 1024w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-300x157.png 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-768x402.png 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-600x314.png 600w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $11,000<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $11,000 to $44,725<\/td><td>$1,100 + 12% of the excess over $11,000<\/td><\/tr><tr><td>Over $44,725 to $95,375<\/td><td>$5,147 + 22% of the excess over $44,725<\/td><\/tr><tr><td>Over $95,375 to $182,100<\/td><td>$16,290 + 24% of the excess over $95,375<\/td><\/tr><tr><td>Over $182,100 to $231,250<\/td><td>$37,104 + 32% of the excess over $182,100<\/td><\/tr><tr><td>Over $231,250 to $578,125<\/td><td>$52,832 + 35% of the excess over $231,250<\/td><\/tr><tr><td>Over $578,125<\/td><td>$174,238.25 + 37% of the excess over $578,125<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><h3 class=\"wp-block-heading\">Married filing jointly and surviving spouses<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $22,000<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $22,000 to $89,450<\/td><td>$2,200 + 12% of the excess over $22,000<\/td><\/tr><tr><td>Over $89,450 to $190,750<\/td><td>$10,294 + 22% of the excess over $89,450<\/td><\/tr><tr><td>Over $190,750 to $364,200<\/td><td>$32,580 + 24% of the excess over $190,750<\/td><\/tr><tr><td>Over $364,200 to $462,500<\/td><td>$74,208 + 32% of the excess over $364,200<\/td><\/tr><tr><td>Over $462,500 to $693,750<\/td><td>$105,664 + 35% of the excess over $462,500<\/td><\/tr><tr><td>Over $693,750<\/td><td>$186,601.50 + 37% of the excess over $693,750<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"745\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-2-1024x745.png\" alt=\"\" class=\"wp-image-1678\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-2-1024x745.png 1024w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-2-300x218.png 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-2-768x559.png 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-2-600x436.png 600w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/Elite-wealth-advisor-Financial-Statements-2.png 1100w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><h3 class=\"wp-block-heading\">Married individuals filing separately<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $11,000<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $11,000 to $44,725<\/td><td>$1,100 + 12% of the excess over $11,000<\/td><\/tr><tr><td>Over $44,725 to $95,375<\/td><td>$5,147 + 22% of the excess over $44,725<\/td><\/tr><tr><td>Over $95,375 to $182,100<\/td><td>$16,290 + 24% of the excess over $95,375<\/td><\/tr><tr><td>Over $182,100 to $231,250<\/td><td>$37,104 + 32% of the excess over $182,100<\/td><\/tr><tr><td>Over $231,250 to $346,875<\/td><td>$52,832 + 35% of the excess over $231,250<\/td><\/tr><tr><td>Over $346,875<\/td><td>$93,300.75 + 37% of the excess over $346,875<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Heads of household<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $15,700<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $15,700 to $59,850<\/td><td>$1,570 + 12% of the excess over $15,700<\/td><\/tr><tr><td>Over $59,850 to $95,350<\/td><td>$6,868 + 22% of the excess over $59,850<\/td><\/tr><tr><td>Over $95,350 to $182,100<\/td><td>$14,678 + 24% of the excess over $95,350<\/td><\/tr><tr><td>Over $182,100 to $231,250<\/td><td>$35,498 + 32% of the excess over $182,100<\/td><\/tr><tr><td>Over $231,250 to $578,100<\/td><td>$51,226 + 35% of the excess over $231,250<\/td><\/tr><tr><td>Over $578,100<\/td><td>$172,623.50 + 37% of the excess over $578,100<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"199\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-5.png\" alt=\"\" class=\"wp-image-1679\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-5.png 1024w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-5-300x58.png 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-5-768x149.png 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/n1-5-600x117.png 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><h3 class=\"wp-block-heading\">Trusts and estates<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>If taxable income is:<\/th><th>Your tax is:<\/th><\/tr><tr><td>Not over $2,900<\/td><td>10% of taxable income<\/td><\/tr><tr><td>Over $2,900 to $10,550<\/td><td>$290 + 24% of the excess over $2,900<\/td><\/tr><tr><td>Over $10,550 to $14,450<\/td><td>$2,126 + 35% of the excess over $10,550<\/td><\/tr><tr><td>Over $14,450<\/td><td>$3,491 + 37% of the excess over $14,450<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">Business Planning<\/h2><h3 class=\"wp-block-heading\">Adoption Assistance Programs<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Adoption assistance<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum amount that can be excluded from employee’s gross income<\/td><td>$15,590<\/td><td>$16,810<\/td><\/tr><tr><td>Phaseout threshold amount<\/td><td>$239,230<\/td><td>$252,150<\/td><\/tr><tr><td>Completed phaseout amount after<\/td><td>$279,230<\/td><td>$292,150<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Earnings subject to FICA taxes (taxable wage base)<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>FICA tax<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum annual earnings subject to Social Security taxes<\/td><td>$160,200<\/td><td>$168,600<\/td><\/tr><tr><td>Social Security and Medicare combined tax rate<\/td><td>15.30%<sup> 1<\/sup><\/td><td>15.30%<sup> 1<\/sup><\/td><\/tr><tr><td>OASDI portion (Social Security)<\/td><td>12.40%<\/td><td>12.40%<\/td><\/tr><tr><td>Hospital Insurance portion (Medicare)<\/td><td>2.90%<sup> 1<\/sup><\/td><td>2.90%<sup> 1<\/sup><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><p><sup>1<\/sup> An additional Medicare (HI) employee contribution rate of 0.9% (for a total employee contribution of 2.35%, and a total combined Medicare contribution rate of 3.8%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). For married individuals filing joint returns, the additional 0.9% tax applies to the couples combined wages (to the extent the combined wages exceed $250,000).<\/p><h3 class=\"wp-block-heading\">Health insurance deduction for self-employed<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Health insurance premiums<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Deduction for health insurance premiums paid by self-employed persons<\/td><td>100%<\/td><td>100%<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Qualified transportation fringe benefits<\/h3><figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"420\" src=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2-1.jpg\" alt=\"\" class=\"wp-image-1680\" srcset=\"https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2-1.jpg 800w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2-1-300x158.jpg 300w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2-1-768x403.jpg 768w, https:\/\/elitewealthadvisor.com\/wp-content\/uploads\/2024\/01\/elite-2024-financial-numbers-2-1-600x315.jpg 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Qualified transportation fringe benefits<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Commuter vehicles and transit pass monthly exclusion amount<\/td><td>$300<\/td><td>$315<\/td><\/tr><tr><td>Qualified parking monthly exclusion amount<\/td><td>$300<\/td><td>$315<\/td><\/tr><tr><td>Qualified bicycle commuting reimbursement fringe benefit (monthly amount)<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Section 179 expensing<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Section 179 expensing<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum amount that may be deducted under IRC Section 179<\/td><td>$1,160,000<\/td><td>$1,220,000<\/td><\/tr><tr><td>Deduction reduced by the amount by which the cost of \u00a7179 property placed in service during the year exceeds this amount<\/td><td>$2,890,000<\/td><td>$3,050,000<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Small business tax credit for providing health-care coverage<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Amount of credit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum credit percentage<\/td><td>50%<\/td><td>50%<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Partial credit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Number of full-time equivalent employees (FTEs) fewer than:<\/td><td>25<\/td><td>25<\/td><\/tr><tr><td>Maximum average annual wages less than:<\/td><td>$61,400<\/td><td>$64,800<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Full credit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Number of full-time equivalent employees (FTEs) no more than:<\/td><td>10<\/td><td>10<\/td><\/tr><tr><td>Maximum average annual wages less than or equal to:<\/td><td>$30,700<\/td><td>$32,400<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Special additional first-year depreciation allowance<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Bonus depreciation<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>“Bonus” depreciation for qualified property acquired and placed in service during specified time periods<\/td><td>80%<\/td><td>60%<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Standard mileage rate (per mile)<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Business use of auto<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Use of auto for business purposes<\/td><td>$0.655<\/td><td>$0.67<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">Education Planning<\/h2><h3 class=\"wp-block-heading\">American Opportunity and Lifetime Learning Credits<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Education credits<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum American Opportunity credit<\/td><td>$2,500<\/td><td>$2,500<\/td><\/tr><tr><td>Maximum Lifetime Learning credit<\/td><td>$2,000<\/td><td>$2,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>MAGI phaseout range for American Opportunity credit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single–phaseout threshold amount<\/td><td>$80,000<\/td><td>$80,000<\/td><\/tr><tr><td>Single–completed phaseout amount after<\/td><td>$90,000<\/td><td>$90,000<\/td><\/tr><tr><td>Married filing jointly–phaseout threshold amount<\/td><td>$160,000<\/td><td>$160,000<\/td><\/tr><tr><td>Married filing jointly–completed phaseout amount after<\/td><td>$180,000<\/td><td>$180,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>MAGI phaseout range for Lifetime Learning credit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single–phaseout threshold amount<\/td><td>$80,000<\/td><td>$80,000<\/td><\/tr><tr><td>Single–completed phaseout amount after<\/td><td>$90,000<\/td><td>$90,000<\/td><\/tr><tr><td>Married filing jointly–phaseout threshold amount<\/td><td>$160,000<\/td><td>$160,000<\/td><\/tr><tr><td>Married filing jointly–completed phaseout amount after<\/td><td>$180,000<\/td><td>$180,000<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Coverdell education savings accounts<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Coverdell ESAs<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual contribution limit<\/td><td>$2,000<\/td><td>$2,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>MAGI phaseout range for Coverdell education savings accounts<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single–phaseout threshold amount<\/td><td>$95,000<\/td><td>$95,000<\/td><\/tr><tr><td>Single–completed phaseout amount after<\/td><td>$110,000<\/td><td>$110,000<\/td><\/tr><tr><td>Married filing jointly–phaseout threshold amount<\/td><td>$190,000<\/td><td>$190,000<\/td><\/tr><tr><td>Married filing jointly–completed phaseout threshold amount<\/td><td>$220,000<\/td><td>$220,000<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Deduction for qualified higher education expenses<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Higher education expenses<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum deduction<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>MAGI maximum for full $4,000 deduction<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Married filing jointly<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>MAGI range for $2,000 deduction<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single–MAGI greater than this amount:<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Single–MAGI does not exceed this amount:<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Married filing jointly–MAGI greater than this amount:<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><tr><td>Married filing jointly–MAGI does not exceed this amount:<\/td><td>N\/A<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Deduction for student loan interest<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Education loan interest deduction<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum deduction for interest paid on qualified education loans<\/td><td>$2,500<\/td><td>$2,500<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>MAGI phaseout range<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single–phaseout threshold amount<\/td><td>$75,000<\/td><td>$80,000<\/td><\/tr><tr><td>Single–completed phaseout amount after<\/td><td>$90,000<\/td><td>$95,000<\/td><\/tr><tr><td>Married filing jointly–phaseout threshold amount<\/td><td>$155,000<\/td><td>$165,000<\/td><\/tr><tr><td>Married filing jointly–completed phaseout amount after<\/td><td>$185,000<\/td><td>$195,000<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Gift tax exclusion<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Gift tax<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual gift tax exclusion–single individual<\/td><td>$17,000<\/td><td>$18,000<\/td><\/tr><tr><td>Annual gift tax exclusion–joint gift<\/td><td>$34,000<\/td><td>$36,000<\/td><\/tr><tr><td>Lump-sum gift to 529 plan–single individual<\/td><td>$85,000<\/td><td>$90,000<\/td><\/tr><tr><td>Lump-sum gift to 529 plan–joint gift<\/td><td>$170,000<\/td><td>$180,000<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Kiddie tax<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Kiddie tax<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Children’s unearned income over this amount generally taxed at parents’ tax rates<\/td><td>$2,500<\/td><td>$2,600<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">U.S. savings bonds interest exclusion for college expenses<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Joint returns<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Phaseout threshold for joint returns<\/td><td>$137,800<\/td><td>$145,200<\/td><\/tr><tr><td>Completed phaseout amount after<\/td><td>$167,800<\/td><td>$175,200<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Other returns<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Phaseout threshold for other returns<\/td><td>$91,850<\/td><td>$96,800<\/td><\/tr><tr><td>Completed phaseout amount after<\/td><td>$106,850<\/td><td>$111,800<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">Protection Planning<\/h2><h3 class=\"wp-block-heading\">Eligible long-term care premium deduction limits:<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>LTC premium deduction limits<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Age 40 or under<\/td><td>$480<\/td><td>$470<\/td><\/tr><tr><td>Age 41-50<\/td><td>$890<\/td><td>$880<\/td><\/tr><tr><td>Age 51-60<\/td><td>$1,790<\/td><td>$1,760<\/td><\/tr><tr><td>Age 61-70<\/td><td>$4,770<\/td><td>$4,710<\/td><\/tr><tr><td>Over age 70<\/td><td>$5,960<\/td><td>$5,880<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><h3 class=\"wp-block-heading\">Per diem limit:<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>LTC periodic payments<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Periodic payments for qualified long-term care insurance\/certain life insurance<\/td><td>$420<\/td><td>$410<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Archer Medical Savings Accounts<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>High deductible health plan–self-only coverage<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual deductible–minimum<\/td><td>$2,650<\/td><td>$2,800<\/td><\/tr><tr><td>Annual deductible–maximum<\/td><td>$3,950<\/td><td>$4,150<\/td><\/tr><tr><td>Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed<\/td><td>$5,300<\/td><td>$5,550<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>High deductible health plan–family coverage<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual deductible–minimum<\/td><td>$5,300<\/td><td>$5,550<\/td><\/tr><tr><td>Annual deductible–maximum<\/td><td>$7,900<\/td><td>$8,350<\/td><\/tr><tr><td>Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed<\/td><td>$9,650<\/td><td>$10,200<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Flexible spending account (FSA) for health care<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Health care FSAs<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum salary reduction contribution<\/td><td>$3,050<\/td><td>$3,200<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Health Savings Accounts (HSAs)<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Annual contribution limit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Self-only coverage<\/td><td>$3,850<\/td><td>$4,150<\/td><\/tr><tr><td>Family coverage<\/td><td>$7,750<\/td><td>$8,300<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>High deductible health plan–self-only coverage<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual deductible–minimum<\/td><td>$1,500<\/td><td>$1,600<\/td><\/tr><tr><td>Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed<\/td><td>$7,500<\/td><td>$8,050<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>High deductible health plan–family coverage<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual deductible–minimum<\/td><td>$3,000<\/td><td>$3,200<\/td><\/tr><tr><td>Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed<\/td><td>$15,000<\/td><td>$16,100<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Catch-up contributions<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual catch-up contribution limit for individuals age 55 or older<\/td><td>$1,000<\/td><td>$1,000<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">Estate Planning<\/h2><figure class=\"wp-block-table\"><table><tbody><tr><th>Key indexed figures<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual gift exclusion:<\/td><td>$17,000<\/td><td>$18,000<\/td><\/tr><tr><td>Gift and estate tax applicable exclusion amount:<\/td><td>$12,920,000 + DSUEA<sup> 1<\/sup><\/td><td>$13,610,000 + DSUEA<sup> 1<\/sup><\/td><\/tr><tr><td>Noncitizen spouse annual gift exclusion:<\/td><td>$175,000<\/td><td>$185,000<\/td><\/tr><tr><td>Generation-skipping transfer (GST) tax exemption:<\/td><td>$12,920,000<sup> 2<\/sup><\/td><td>$13,610,000<sup> 2<\/sup><\/td><\/tr><tr><td>Special use valuation limit (qualified real property in decedent’s gross estate):<\/td><td>$1,310,000<\/td><td>$1,390,000<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><p><sup>1<\/sup> Basic exclusion amount plus deceased spousal unused exclusion amount (exclusion is portable for 2011 and later years)<\/p><p><sup>2<\/sup> The GST tax exemption is not portable<\/p><h3 class=\"wp-block-heading\">2023 and 2024 gift and estate tax rate schedule<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Taxable Estate<\/th><th>Tentative Tax Equals<\/th><th>Plus<\/th><th>Of Amount Over<\/th><\/tr><tr><td>0 – $10,000<\/td><td>$0<\/td><td>18%<\/td><td>$0<\/td><\/tr><tr><td>$10,000 – $20,000<\/td><td>$1,800<\/td><td>20%<\/td><td>$10,000<\/td><\/tr><tr><td>$20,000 – $40,000<\/td><td>$3,800<\/td><td>22%<\/td><td>$20,000<\/td><\/tr><tr><td>$40,000 – $60,000<\/td><td>$8,200<\/td><td>24%<\/td><td>$40,000<\/td><\/tr><tr><td>$60,000 – $80,000<\/td><td>$13,000<\/td><td>26%<\/td><td>$60,000<\/td><\/tr><tr><td>$80,000 – $100,000<\/td><td>$18,200<\/td><td>28%<\/td><td>$80,000<\/td><\/tr><tr><td>$100,000 – $150,000<\/td><td>$23,800<\/td><td>30%<\/td><td>$100,000<\/td><\/tr><tr><td>$150,000 – $250,000<\/td><td>$38,800<\/td><td>32%<\/td><td>$150,000<\/td><\/tr><tr><td>$250,000 – $500,000<\/td><td>$70,800<\/td><td>34%<\/td><td>$250,000<\/td><\/tr><tr><td>$500,000 – $750,000<\/td><td>$155,800<\/td><td>37%<\/td><td>$500,000<\/td><\/tr><tr><td>$750,000 – $1,000,000<\/td><td>$248,300<\/td><td>39%<\/td><td>$750,000<\/td><\/tr><tr><td>$1,000,000 +<\/td><td>$345,800<\/td><td>40%<\/td><td>$1,000,000<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td>Credit shelter amount $12,920,000 in 2023 and $13,610,000 in 2024<\/td><td colspan=\"3\">Unified credit amount $5,113,800 in 2023 and $5,389,800 in 2024<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">Government Benefits<\/h2><h3 class=\"wp-block-heading\">Social Security<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Social Security Cost-of-living adjustment (COLA)<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>For Social Security and Supplemental Security Income (SSI) beneficiaries<\/td><td>8.70%<\/td><td>3.20%<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Tax rate–employee<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>FICA tax — Employee<\/td><td>7.65%<\/td><td>7.65%<\/td><\/tr><tr><td>Social Security (OASDI) portion of tax<\/td><td>6.20%<\/td><td>6.20%<\/td><\/tr><tr><td>Medicare (HI) portion of tax<\/td><td>1.45%<sup> 1<\/sup><\/td><td>1.45%<sup> 1<\/sup><\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Tax rate–self-employed<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Self-Employed<\/td><td>15.30%<\/td><td>15.30%<\/td><\/tr><tr><td>Social Security (OASDI) portion of tax<\/td><td>12.40%<\/td><td>12.40%<\/td><\/tr><tr><td>Medicare (HI) portion of tax<\/td><td>2.90%<sup> 1<\/sup><\/td><td>2.90%<sup> 1<\/sup><\/td><\/tr><\/tbody><\/table><\/figure><p><sup>1<\/sup> An additional 0.9% Medicare\/hospital insurance tax (for a total employee contribution of 2.35%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). An additional 0.9% Medicare\/hospital insurance tax (for a total Medicare portion of 3.8%) is assessed on self-employment income exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns).<\/p><figure class=\"wp-block-table\"><table><tbody><tr><th>Maximum taxable earnings<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Social Security (OASDI only)<\/td><td>$160,200<\/td><td>$168,600<\/td><\/tr><tr><td>Medicare (HI only)<\/td><td>No limit<\/td><td>No Limit<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Quarter of coverage<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Earnings required<\/td><td>$1,640<\/td><td>$1,730<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Retirement earnings test–exempt amounts–Under full retirement age–Benefits reduced by $1 for each $2 earned above:<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Yearly figure<\/td><td>$21,240<\/td><td>$22,320<\/td><\/tr><tr><td>Monthly figure<\/td><td>$1,770<\/td><td>$1,860<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Retirement earnings test–exempt amounts–Year individual reaches full retirement age–Benefits reduced by $1 for each $3 earned above (applies only to earnings for months prior to attaining full retirement age):<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Yearly figure<\/td><td>$56,520<\/td><td>$59,520<\/td><\/tr><tr><td>Monthly figure<\/td><td>$4,710<\/td><td>$4,960<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Retirement earnings test–exempt amounts–Beginning the month individual attains full retirement age<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td><\/td><td>No limit on earnings<\/td><td>No limit on earnings<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Social Security disability thresholds<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Substantial gainful activity (SGA) for the sighted (monthly figure)<\/td><td>$1,470<\/td><td>$1,550<\/td><\/tr><tr><td>Substantial gainful activity for the blind (monthly figure)<\/td><td>$2,460<\/td><td>$2,590<\/td><\/tr><tr><td>Trial work period (TWP) (monthly figure)<\/td><td>$1,050<\/td><td>$1,110<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>SSI federal payment standard<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Individual (monthly figure)<\/td><td>$914<\/td><td>$943<\/td><\/tr><tr><td>Couple (monthly figure)<\/td><td>$1,371<\/td><td>$1,415<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>SSI resource limits<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Individual<\/td><td>$2,000<\/td><td>$2,000<\/td><\/tr><tr><td>Couple<\/td><td>$3,000<\/td><td>$3,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>SSI student exclusion limits<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Monthly limit<\/td><td>$2,220<\/td><td>$2,290<\/td><\/tr><tr><td>Annual limit<\/td><td>$8,950<\/td><td>$9,230<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Maximum Social Security benefit<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Worker retiring at full retirement age (monthly figure)<\/td><td>$3,627<\/td><td>$3,822<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Formula for Monthly Primary Insurance Amount (PIA)<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>(90% of first X of AIME + 32% of the AIME over X and through Y + 15% of AIME over Y)<\/td><td>X=$1,115 Y=$6,721<\/td><td>X=$1,174 Y=$7,078<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Medicare<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Medicare monthly premium amounts–Part A (hospital insurance) premium<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Individuals with 40 or more quarters of Medicare-covered employment<\/td><td>$0<\/td><td>$0<\/td><\/tr><tr><td>Individuals with less than 40 quarters of Medicare-covered employment who are not otherwise eligible for premium-free hospital insurance<\/td><td>Up to $506<\/td><td>Up to $505<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th colspan=\"4\">Medicare monthly premium amounts–Part B (medical insurance) monthly premium–for beneficiaries who file an individual income tax return with income that is:<\/th><\/tr><tr><td>2023<\/td><td>2024<\/td><td>2023<\/td><td>2024<\/td><\/tr><tr><td>Less than or equal to $97,000<\/td><td>Less than or equal to $103,000<\/td><td>$164.90<sup> 2<\/sup><\/td><td>$174.70<sup> 2<\/sup><\/td><\/tr><tr><td>$97,001 – $123,000<\/td><td>$103,001 – $129,000<\/td><td>$230.80<\/td><td>$244.60<\/td><\/tr><tr><td>$123,001 – $153,000<\/td><td>$129,001 – $161,000<\/td><td>$329.70<\/td><td>$349.40<\/td><\/tr><tr><td>$153,001 – $183,000<\/td><td>$161,001 – $193,000<\/td><td>$428.60<\/td><td>$454.20<\/td><\/tr><tr><td>$183,001 – $499,999<\/td><td>$193,001 – $499,999<\/td><td>$527.50<\/td><td>$559.00<\/td><\/tr><tr><td>$500,000 and above<\/td><td>$500,000 and above<\/td><td>$560.50<\/td><td>$594.00<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th colspan=\"4\">Medicare monthly premium amounts–Part B (medical insurance) monthly premium–for beneficiaries who file a joint income tax return with income that is:<\/th><\/tr><tr><td>2023<\/td><td>2024<\/td><td>2023<\/td><td>2024<\/td><\/tr><tr><td>Less than or equal to $194,000<\/td><td>Less than or equal to $206,000<\/td><td>$164.90<sup> 2<\/sup><\/td><td>$174.70<sup> 2<\/sup><\/td><\/tr><tr><td>$$194,001 – $246,000<\/td><td>$206,001 – $258,000<\/td><td>$230.80<\/td><td>$244.60<\/td><\/tr><tr><td>$246,001 – $306,000<\/td><td>$258,001 – $322,000<\/td><td>$329.70<\/td><td>$349.40<\/td><\/tr><tr><td>$$306,001 – $366,000<\/td><td>$322,001 – $386,000<\/td><td>$428.60<\/td><td>$454.20<\/td><\/tr><tr><td>$366,001 – $749,999<\/td><td>$386,001 – $749,999<\/td><td>$527.50<\/td><td>$559.00<\/td><\/tr><tr><td>$750,000 and above<\/td><td>$750,000 and above<\/td><td>$560.50<\/td><td>$594.00<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th colspan=\"4\">Medicare monthly premium amounts–Part B (medical insurance) monthly premium–for beneficiaries who are married, but file a separate tax return from their spouse and lived with spouse at some time during the taxable year with income that is:<\/th><\/tr><tr><td>2023<\/td><td>2024<\/td><td>2023<\/td><td>2024<\/td><\/tr><tr><td>Less than or equal to $97,000<\/td><td>Less than or equal to $103,000<\/td><td>$164.90<sup> 2<\/sup><\/td><td>$174.70<sup> 2<\/sup><\/td><\/tr><tr><td>$97,001 – $402,999<\/td><td>$103,001 – $396,999<\/td><td>$544.30<\/td><td>$559.00<\/td><\/tr><tr><td>$403,000 and above<\/td><td>$397,000 and above<\/td><td>$527.50<\/td><td>$594.00<\/td><\/tr><\/tbody><\/table><\/figure><p><sup>2<\/sup> This is the standard Part B premium amount. However, some people who get Social Security benefits will pay more or less than this amount.<\/p><figure class=\"wp-block-table\"><table><tbody><tr><th>Original Medicare plan deductible and coinsurance amounts–Part A (hospital insurance)<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Deductible per benefit period<\/td><td>$1,600<\/td><td>$1,632<\/td><\/tr><tr><td>Coinsurance per day for 61st to 90th day of each benefit period<\/td><td>$400<\/td><td>$408<\/td><\/tr><tr><td>Coinsurance per day for 91st to 150th day for each lifetime reserve day (total of 60 lifetime reserve days–nonrenewable)<\/td><td>$800<\/td><td>$816<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Original Medicare plan deductible and coinsurance amounts<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Skilled nursing facility coinsurance per day for 21st to 100th day of each benefit period<\/td><td>$200<\/td><td>$204<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Original Medicare plan deductible and coinsurance amounts–Part B (medical insurance) annual deductible<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Individual pays 20 percent of the Medicare-approved amount for services after deductible is met<\/td><td>$226<\/td><td>$240<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Medicaid<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Income threshold<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Monthly income threshold for income-cap states (“300 percent cap limit”)<\/td><td>$2,742<\/td><td>$2,829<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Monthly maintenance needs allowance for at-home spouse<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Minimum<sup> 3<\/sup><\/td><td>$2,288.75<\/td><td>$2,465.00<\/td><\/tr><tr><td>Maximum<\/td><td>$3,715.50<\/td><td>$3.853.50<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Community spousal resource allowance<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Minimum<\/td><td>$29,724<\/td><td>$30,828<\/td><\/tr><tr><td>Maximum<\/td><td>$148,620<\/td><td>$154,140<\/td><\/tr><\/tbody><\/table><\/figure><p><sup>3<\/sup> Amounts listed actually effective as of July of prior year; different amounts apply to Alaska and Hawaii.<\/p><h2 class=\"wp-block-heading\">Retirement Planning<\/h2><h3 class=\"wp-block-heading\">Employee\/individual contribution limits<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Elective deferral limits<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>401(k) plans, 403(b) plans, 457(b) plans, and SAR-SEPs<sup> 1<\/sup> [Includes Roth 401(k) and Roth 403(b) contributions]<\/td><td>Lesser of $22,500 or 100% of participant’s compensation<\/td><td>Lesser of $23,000 or 100% of participant’s compensation<\/td><\/tr><tr><td>SIMPLE 401(k) plans and SIMPLE IRA plans<sup> 1<\/sup><\/td><td>Lesser of $15,500 or 100% of participant’s compensation<\/td><td>Lesser of $16,000 or 100% of participant’s compensation<\/td><\/tr><\/tbody><\/table><\/figure><p><sup>1<\/sup> Must aggregate employee contributions to all 401(k), 403(b), SAR-SEP, and SIMPLE plans of all employers. 457(b) plan contributions are not aggregated. For SAR-SEPs, the percentage limit is 25% of compensation reduced by elective deferrals (effectively, a 20% maximum contribution).<\/p><figure class=\"wp-block-table\"><table><tbody><tr><th>IRA contribution limits<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Traditional IRAs<\/td><td>Lesser of $6,500 or 100% of earned income<\/td><td>Lesser of $7,000 or 100% of earned income<\/td><\/tr><tr><td>Roth IRAs<\/td><td>Lesser of $6,500 or 100% of earned income<\/td><td>Lesser of $7,000 or 100% of earned income<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Additional “catch-up” limits (individuals age 50 or older)<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>401(k) plans, 403(b) plans, 457(b) plans, and SAR-SEPs<sup> 2<\/sup><\/td><td>$7,500<\/td><td>$7,500<\/td><\/tr><tr><td>SIMPLE 401(k) plans and SIMPLE IRA plans<\/td><td>$3,500<\/td><td>$3,500<\/td><\/tr><tr><td>IRAs (traditional and Roth)<\/td><td>$1,000<\/td><td>$1,000<\/td><\/tr><\/tbody><\/table><\/figure><p><sup>2<\/sup> Special catch-up limits may also apply to 403(b) and 457(b) plan participants.<\/p><h3 class=\"wp-block-heading\">Employer contribution\/benefit<sup> 3<\/sup> limits<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Defined benefit plan limits<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual contribution limit per participant<\/td><td>No predetermined limit. Contributions based on amount needed to fund promised benefits<\/td><td>No predetermined limit. Contributions based on amount needed to fund promised benefits.<\/td><\/tr><tr><td>Annual benefit limit per participant<\/td><td>Lesser of $265,000 or 100% of average compensation for highest three consecutive years<\/td><td>Lesser of $275,000 or 100% of average compensation for highest three consecutive years<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Defined contribution plan limits [qualified plans, 403(b) plans, SEP, and SIMPLE plans]<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual addition limit per participant (employer contributions; employee pre-tax, after-tax, and Roth contributions; and forfeitures) (does not apply to SIMPLE IRA plans)<\/td><td>Lesser of $66,000 or 100% (25% for SEP) of participant’s compensation<\/td><td>Lesser of $69,000 or 100% (25% for SEP) of participant’s compensation<\/td><\/tr><tr><td>Maximum tax-deductible employer contribution<\/td><\/tr><\/tbody><\/table><\/figure><p>25% of total compensation of employees covered under the plan (20% if self employed) plus any employee pre-tax and Roth contributions; 100% for SIMPLE plans 25% of total compensation of employees covered under the plan (20% if self employed) plus any employee pre-tax and Roth contributions; 100% for SIMPLE plans<\/p><p><sup>3<\/sup> For self-employed individuals, compensation generally means earned income. This means that, for qualified plans, deductible contributions for a self-employed individual are limited to 20% of net earnings from self-employment (net profits minus self-employment tax deduction), and special rules apply in calculating the annual additions limit.<\/p><h3 class=\"wp-block-heading\">Compensation limits\/thresholds<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Retirement plan compensation limits<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Maximum compensation per participant that can be used to calculate tax-deductible employer contribution (qualified plans and SEPs)<\/td><td>$330,000<\/td><td>$345,000<\/td><\/tr><tr><td>Compensation threshold used to determine a highly compensated employee<\/td><td>$150,000 (when 2023 is the look-back year)<\/td><td>$155,000 (when 2024 is the look-back year)<\/td><\/tr><tr><td>Compensation threshold used to determine a key employee in a top-heavy plan<\/td><td>$1 for more-than-5% owners, $215,000 for officers, $150,000 for more-than-1% owners<\/td><td>$1 for more-than-5% owners, $220,000 for officers, $150,000 for more-than-1% owners<\/td><\/tr><tr><td>Compensation threshold used to determine a qualifying employee under a SIMPLE plan<\/td><td>$5,000<\/td><td>$5,000<\/td><\/tr><tr><td>Compensation threshold used to determine a qualifying employee under a SEP plan<\/td><td>$750<\/td><td>$750<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Traditional deductible IRA income limits – Income phase-out range for determining deductibility of traditional IRA contributions for taxpayers covered by an employer-sponsored plan and filing as:<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single<\/td><td>$73,000 – $83,000<\/td><td>$77,000 – $87,000<\/td><\/tr><tr><td>Married filing jointly<\/td><td>$116,000 – $136,000<\/td><td>$123,000 – $143,000<\/td><\/tr><tr><td>Married filing separately<\/td><td>$0 – $10,000<\/td><td>$0 – $10,000<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Traditional deductible IRA income limits – Income phase-out range for determining deductibility of traditional IRA contributions for taxpayers not covered by an employer-sponsored retirement plan but filing a:<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Joint return with a spouse who is covered by an employer-sponsored retirement plan<\/td><td>$218,000 – $228,000<\/td><td>$230,000 – $240,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Roth IRA compensation limits – Income phase-out range for determining ability to fund Roth IRA for taxpayers filing as:<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single<\/td><td>$138,000 – $153,000<\/td><td>$146,000 – $161,000<\/td><\/tr><tr><td>Married filing jointly<\/td><td>$218,000 – $228,000<\/td><td>$230,000 – $240,000<\/td><\/tr><tr><td>Married filing separately<\/td><td>$0 – $10,000<\/td><td>$0 – $10,000<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Qualified charitable distribution<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th><\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Annual amount not includible in gross income<\/td><td>$100,000<\/td><td>$105,000<\/td><\/tr><tr><td>One-time exclusion for transfer to split-interest entity<\/td><td>$50,000<\/td><td>$53,000<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">Investment Planning<\/h2><h3 class=\"wp-block-heading\">Maximum tax on long-term capital gains and qualified dividends<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>0% rate applies (taxable income thresholds)<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single<\/td><td>Up to $44,625<\/td><td>Up to $47,025<\/td><\/tr><tr><td>Married filing jointly<\/td><td>Up to $89,250<\/td><td>Up to $94,050<\/td><\/tr><tr><td>Married filing separately<\/td><td>Up to $44,625<\/td><td>Up to $47,025<\/td><\/tr><tr><td>Head of household<\/td><td>Up to $59,750<\/td><td>Up to $63,000<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>15% rate applies (taxable income thresholds)<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single<\/td><td>$44,625 to $492,300<\/td><td>$47,025 to $518,900<\/td><\/tr><tr><td>Married filing jointly<\/td><td>$89,250 to $553,850<\/td><td>$94,050 to $583,750<\/td><\/tr><tr><td>Married filing separately<\/td><td>$44,625 to $276,900<\/td><td>$47,025 to $291,850<\/td><\/tr><tr><td>Head of household<\/td><td>$59,750 to $523,050<\/td><td>$63,000 to $551,350<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>20% rate applies (taxable income thresholds)<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Single<\/td><td>Over $492,300<\/td><td>Over $518,900<\/td><\/tr><tr><td>Married filing jointly<\/td><td>Over $553,850<\/td><td>Over $583,750<\/td><\/tr><tr><td>Married filing separately<\/td><td>Over $276,900<\/td><td>Over $291,850<\/td><\/tr><tr><td>Head of household<\/td><td>Over $523,050<\/td><td>Over $551,350<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\">Unearned income Medicare contribution tax (“net investment income tax”)<\/h3><figure class=\"wp-block-table\"><table><tbody><tr><th>Amount of tax<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Tax percentage<\/td><td>3.80%<\/td><td>3.80%<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-table\"><table><tbody><tr><th>Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding:<\/th><th>2023<\/th><th>2024<\/th><\/tr><tr><td>Individuals<\/td><td>$200,000<\/td><td>$200,000<\/td><\/tr><tr><td>Married filing jointly<\/td><td>$250,000<\/td><td>$250,000<\/td><\/tr><tr><td>Married filing separately<\/td><td>$125,000<\/td><td>$125,000<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/nordvpn.sjv.io\/OrZdAG\">Secure your online presence with NORD VPN Click to learn how<\/a><\/figcaption><\/figure>","protected":false},"excerpt":{"rendered":"<p>2024 Key Numbers Individual Income Tax Planning Adoption credit Adoption credit 2023 2024 Maximum credit $15,950 $16,810 Phaseout threshold amount $239,230 $252,150 Completed phaseout amount after $279,230 $292,150 Alternative Minimum Tax (AMT) Maximum AMT exemption amount 2023 2024 Married filing jointly or surviving spouse $126,500 $133,300 Single or head of household $81,300 $85,700 Married filing …<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/elitewealthadvisor.com\/numbers\"> <span class=\"screen-reader-text\">2024 Key Numbers<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":1678,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","order-bump-settings":[],"_wpfnl_thankyou_order_overview":"on","_wpfnl_thankyou_order_details":"on","_wpfnl_thankyou_billing_details":"on","_wpfnl_thankyou_shipping_details":"on","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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