Facts & Figures for 2024
Listed below are some important financial Facts & Figures for 2024. Hyperlinks on figures provide a view of historical figures. Use the quick links here to jump to the section you need:
Income tax
Social Security
Medicare
Retirement Accounts
Facts & Figures for 2023 (historical figures)
Income Tax
| 2024 Income Tax Rate Schedule | |||
| Single Filers | |||
| From | To | Rate | Minus |
| $0 | $11,600 | 10% | $0.00 |
| $11,601 | $47,150 | 12% | $232.00 |
| $47,151 | $100,525 | 22% | $4,947.00 |
| $100,525 | $191,950 | 24% | $6,957.50 |
| $191,951 | $243,725 | 32% | $22,313.50 |
| $243,726 | $609,350 | 35% | $29,625.25 |
| $609,351 | no limit | 37% | $41,812.25 |
| Married Filing Jointly or Qualifying Widow(er) | |||
| From | To | Rate | Minus |
| $0 | $23,200 | 10% | $0.00 |
| $23,201 | $94,300 | 12% | $464.00 |
| $94,301 | $201,050 | 22% | $9,894.00 |
| $201,051 | $383,900 | 24% | $13,915.00 |
| $383,901 | $487,450 | 32% | $44,627.00 |
| $487,451 | $731,200 | 35% | $59,250.50 |
| $731,201 | no limit | 37% | $73,874.50 |
| Married Filing Separately | |||
| From | To | Rate | Minus |
| $0 | $11,600 | 10% | $0.00 |
| $11,601 | $47,150 | 12% | $232.00 |
| $47,151 | $100,525 | 22% | $4,947.00 |
| $100,526 | $191,950 | 24% | $6,957.50 |
| $191,951 | $243,725 | 32% | $22,313.50 |
| $243,726 | $365,600 | 35% | $29,625.25 |
| $365,601 | no limit | 37% | $36,937.25 |
| Head of Household | |||
| From | To | Rate | Minus |
| $0 | $16,550 | 10% | $0.00 |
| $16,551 | $63,100 | 12% | $331.00 |
| $63,101 | $100,500 | 22% | $6,641.00 |
| $100,501 | $191,950 | 24% | $8,651.00 |
| $191,951 | $243,700 | 32% | $24,007.00 |
| $243,701 | $609,350 | 35% | $31,318.75 |
| $609,351 | no limit | 37% | $43,505.75 |
| Estates and Trusts | |||
| From | To | Rate | Minus |
| $0 | $3,100 | 10% | $0.00 |
| $3,101 | $11,150 | 24% | $434.00 |
| $11,151 | $15,200 | 35% | $1,660.50 |
| $15,201 | no limit | 37% | $1,964.50 |
| Long-Term Capital Gains and Qualifying Dividends | ||
| Single (taxable income) | ||
| From AGI | To AGI | LTCG Tax Rate |
| $0 | $47,025 | 0% |
| $47,026 | $518,900 | 15% |
| $518,901 | no limit | 20% |
| Married Filing Jointly (taxable income) | ||
| $0 | $94,050 | 0% |
| $94,051 | $583,750 | 15% |
| $583,751 | no limit | 20% |
| Head of Household | ||
| $0 | $63,000 | 0% |
| $63,001 | $551,350 | 15% |
| $551,351 | no limit | 20% |
| Married Filing Separately | ||
| $0 | $47,025 | 0% |
| $47,026 | $291,850 | 15% |
| $291,851 | no limit | 20% |
| Estates & Trusts | ||
| $0 | $3,150 | 0% |
| $3,151 | $15,450 | 15% |
| $15,451 | no limit | 20% |
| Net Investment Income Tax (NIIT) 3.8% tax on the lesser of Excess of MAGI over the following or Net Investment Income | |
| Single | $200,000 |
| Married Filing Jointly | $250,000 |
| Married Filing Separately | $125,000 |
| Standard Deductions | |
| Filing Status | Standard Deduction |
| Single | $14,600 |
| Married Filing Jointly | $29,200 |
| Qualifying Widow(er) | $29,200 |
| Married Filing Separately | $14,600 |
| Head of Household | $21,900 |
| Dependent | Greater of: $1,300 or $450 plus earned income |
| Additional Standard Deductions (add to the regular Standard Deduction) |
|
| Blind (MFJ, MFS or QW) | $1,550 |
| Over 65 (MFJ, MFS or QW) | $1,550 |
| Blind (single) | $1,950 |
| Over 65 (single) | $1,950 |
| Alternative Minimum Tax Exemptions | |
| Single | $85,700 |
| Married Filing Jointly | $133,300 |
| Surviving Spouse | $133,300 |
| Married Filing Separately | $66,650 |
| Estates and Trusts | $29,900 |
| AMT Rate of 28% applies to income over: | |
| Married Filing Separately | $116,300 |
| All other filing statuses | $232,600 |
| Exemption phase out begins at: | |
| Single | $578,150 |
| Married Filing Jointly | $1,156,300 |
| Surviving Spouse | $1,156,300 |
| Married Filing Separately | $578,150 |
| Estates and Trusts | $94,600 |
| Gift & Estate Tax Exclusions and Credits | |
| Estate Tax Exclusion | $12,920,000 |
| Gift and GST Tax Exclusion | $12,920,000 |
| Annual Gift Tax Exclusion | $17,000 |
| Maximum Estate, Gift and GST Tax Rate | 40% |
| Health Savings Accounts | |||
| Maximum Deductible Contribution | Expense Limit | Minimum Deductible | |
| Single (individual) | $4,150 | $8,050 | $1,600 |
| Family | $8,300 | $16,100 | $3,200 |
| Catch-up (age 55+) | $1,000 | ||
| Education Credits | ||
| Credit | Maximum Amount | Phaseouts begin at AGI of: |
| American Opportunity Tax Credit (Hope) | $2,500 | |
| Married Filing Jointly | $160,000 | |
| All other filing statuses | $80,000 | |
| Lifetime Learning Credit | $2,000 | |
| Married Filing Jointly | $160,000 | |
| All other filing statuses | $80,000 | |
Social Security
| Full Retirement Age | |
| Born in: | Full Retirement Age (FRA) is: |
| 1943-1954 | 66 |
| 1955 | 66y, 2m |
| 1956 | 66y, 4m |
| 1957 | 66y, 6m |
| 1958 | 66y, 8m |
| 1959 | 66y, 10m |
| 1960 or later | 67 |
| Social Security Maximum Taxable Earnings | ||
| 2024 | $168,600 | |
| Social Security Quarter of Credit | ||
| 2024 | $1,730 | |
| Social Security Benefits Taxation | ||
| Filing status | Provisional Income* | SS benefit included as taxable |
| Married Filing Jointly | less than $32,000 | 0% |
| $32,000 to $44,000 | up to 50% | |
| more than $44,000 | up to 85% | |
| Single, Head of Household, Qualifying Widow(er) | less than $25,000 | 0% |
| $25,000 to $34,000 | up to 50% | |
| more than $34,000 | up to 85% | |
| Married Filing Separately and not living with spouse | less than $25,000 | 0% |
| $25,000 to $34,000 | up to 50% | |
| more than $34,000 | up to 85% | |
| Married Filing Separately and living with spouse | more than $0 | 85% |
* Provisional income is the total of your taxable income except for Social Security benefits, plus tax-free income, plus 50% of your Social Security benefits.
| 2024 Earnings Limits | ||
| Before FRA | $22,320 | $1,860/mo |
| For every $2 over the limit, $1 in benefits is withheld | ||
| Year of FRA | $59,520 | $4,960/mo |
| For every $3 over the limit, $1 in benefits is withheld | ||
| After FRA | no limit | |
| Substantial Earnings | ||
| 2024 | $31,275 | |
| Bend Points for age 62 in 2024 | |
| Retirement Benefit PIA calculation (of AIME) | |
| 1st (x 90%) | $1,174 |
| 2nd (x 32%) | $7,078 |
| 3rd (x 15%) | $7,079+ |
| Family Maximum Benefit calculation (of PIA) | |
| 1st (x 150%) | $1,500 |
| 2nd (x 272%) | $2,166 |
| 3rd (x 134%) | $2,825 |
| 4th (x 175%) | $2,826+ |
Medicare
| Medicare Premiums | ||
| Part B | Part D | |
| Standard Premium | $174.70 | n/a |
| Hold harmless | n/a | n/a |
| IRMAA Premium Adjustments | ||
| Filing Status | Part B | Part D |
| Married Filing Jointly | ||
| <$206,001 | +$0 | +$0 |
| $206,001 to $258,000 | +$69.90 | +$12.90 |
| $258,001 to $322,000 | +$174.70 | +$33.30 |
| $322,001 to $386,000 | +$279.50 | +$53.80 |
| $386,001 to $750,000 | +$384.30 | +$74.20 |
| >$750,000 | +$419.30 | +$81.00 |
| Single | ||
| <$103,001 | +$0 | +$0 |
| $103,001 to $129,000 | +$69.90 | +$12.90 |
| $129,001 to $161,000 | +$174.70 | +$33.30 |
| $161,001 to $193,000 | +$279.50 | +$53.80 |
| $193,001 to $500,000 | +$384.30 | +$74.20 |
| >$500,000 | +$419.30 | +$81.00 |
| Medicare Deductibles & Coinsurance | |
| Part A (per benefit period) | |
| Deductible | $1,632 |
| Coinsurance First 60 days | $0 |
| Day 61-90 (per day) | $408 |
| Day 91-150 (per day) | $816 |
| Skilled Nursing Facility days 21-100 (per day) | $204 |
| Part B (per year) | $240 |
| Part D deductible (maximum) | $545 |
| First Tier | $5,030 |
| Second Tier (donut hole) |
$8,000 |
| Third Tier (catastrophic) |
above $8,000 |
Retirement Accounts
| Individual Retirement Arrangements (IRAs) | ||
| Traditional IRA | ||
| Limitations | Deductible Contribution | Deductible Catch-up Contribution (age 50+) |
| If Covered by Employer Plan (self) | ||
| Married Filing Jointly MAGI | ||
| <= $123,000 | $7,000 | $1,000 |
| $123,001 to $143,000 | Reduced by 35% of each dollar over $123,000 | Reduced by 5% of each dollar over $123,000 |
| >= $143,001 | only non-deductible contributions allowed, up to $7,000 | only non-deductible contributions allowed, up to $1,000 |
| Single MAGI | ||
| <= $77,000 | $7,000 | $1,000 |
| $77,001 to $87,000 | Reduced by 70% of each dollar over $77,000 | Reduced by 10% of each dollar over $77,000 |
| >= $87,001 | only non-deductible contributions allowed, up to $7,000 | only non-deductible contributions allowed, up to $1,000 |
| Married Filing Separately MAGI | ||
| <= $0 | $7,000 | $1,000 |
| $1 to $10,000 | reduced by 70% of each dollar over $0 | Reduced by 10% of each dollar over $0 |
| >= $10,000 | only non-deductible contributions allowed, up to $7,000 | only non-deductible contributions allowed, up to $1,000 |
| If spouse is covered by Employer Plan | ||
| Married Filing Jointly MAGI | ||
| <= $230,000 | $7,000 | $1,000 |
| $230,001 to $240,000 | reduced by 70% of each dollar over $230,000 | Reduced by 10% of each dollar over $230,000 |
| >= $240,001 | only non-deductible contributions allowed, up to $7,000 | only non-deductible contributions allowed, up to $1,000 |
| Roth IRA | ||
| Limitations | Contribution Limit | Catch-up Contribution Limit (age 50+) |
| Married Filing Jointly MAGI | ||
| <= $230,000 | $7,000 | $1,000 |
| $230,001 to $240,000 | reduced by 70% of each dollar over $230,000 | Reduced by 10% for each dollar over $230,000 |
| >= $240,001 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Single or Head of Household MAGI | ||
| <= $146,000 | $7,000 | $1,000 |
| $146,001 to $161,000 | Reduced by 46.67% of each dollar over $146,000 | Reduced by 6.67% of each dollar over $146,000 |
| >= $161,001 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Married Filing Separately MAGI | ||
| <= $0 | $7,000 | $1,000 |
| $1 to $10,000 | Reduced by 70% of each dollar over $0 | Reduced by 10% of each dollar over $0 |
| >= $10,000 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Other retirement plans | ||
| 401(k), Roth 401(k), 403(b), 457(b) | ||
| Deductible Contribution | Deductible Catch-up Contribution (age 50+) | Maximum Total Contribution (includes Employer match, non-deductible contributions, and catch-up) |
| $23,000 | $7,500 | $76,500 |
| SIMPLE IRA | ||
| $16,000 | $3,500 | |
