Take a look at the 2024 tax tables….

Take a look at the 2024 Tax Tables...

Married Filing Joint Federal Marginal Tax Brackets:
10%--------------$0- $23,200
12%--------------$23,200- $94,300
22%--------------$94,300- $201,050
24%--------------$201,050- $383,900
32%--------------$383,900- $487,450
35%--------------$487,450- $731,200
37%--------------$731,200 and up

Standard Deduction:
2024: $29,200 for MFJ ($27,700 in 2023)
2024: $14,600 for S ($13,850 in 2023)

401(k), 403(b), and most 457 plan Contribution Limits:
2024: $23,000 ($22,500 in 2023)
2024: 50 years of age Catch Up: $7,500 (same in 2023)
(This means that people 50 and older can contribute $30,500 to the plan)

SIMPLE Retirement Account Contribution Limits:
2024: $16,000 ($15,000 in 2023)
2024: 50 years of age Catch Up: $3,500 (same in 2023)

IRA and Roth IRA Contribution Limits:
2024: $7,000 ($6,500 in 2023)
2024: 50 years of age Catch Up: $1,000 (same in 2023)

Maximum Earned Income to Contribute to a Roth IRA:
2024: $146,000- $160,999 for S
2024: $230,000- $240,000 for MFJ
(*You can utilize a Backdoor Roth IRA if you are over thresholds)

Social Security Benefit Increase:
2024: Increase by 3.2% (more than $50/month on average)

Flexible Spending Account (FSA) Contribution Limits:
2024: $3,200 ($3,050 in 2023)

Health Savings Account (HSA) Contribution Limits:
2024: $8,300 for family ($7,750 in 2023)
2024: $4,150 for single ($3,850 in 2023)

Annual Gift Tax Exclusion Limit:
2024: $18,000 per recipient ($17,000 in 2023)

Lifetime Gift and Estate Tax Exemption:
2024: $13.61M per person (married is $27.22M)
(12.92M and $25.84M, respectively, in 2023)

Consult a financial professional for advice. #wealthmanagement #tax #2024planning

-Your friends at Red Oak Financial Group