2023 Rates and 2024 Inflation Tables
Every year, the IRS factors inflation into its calculations of new tax rates, as well as maximum contributions for accounts such as retirement savings. This helps counteract the effects of rising prices in the economy.
For your convenience, we have compiled the new IRS annual cost-of-living adjustment (COLA) rates for 2024 with respect to several tax provisions.
As always, the CJBS team is happy to answer any questions you may have, to ensure that you are optimizing your tax refund.
The following tables provide a year-to-year COLA comparison for 2023 and 2024:
- 2023/2024 TAX BENEFIT
- 2023 INDIVIDUAL INCOME TAX RATES
- 2024 INDIVIDUAL INCOME TAX RATES
- 2023 TRUST & ESTATES INCOME TAX BRACKETS
- 2024 TRUST & ESTATES INCOME TAX BRACKETS
- 2023 ALTERNATIVE MINIMUM TAX EXEMPTION
- 2024 ALTERNATIVE MINIMUM TAX EXEMPTION
- 2023 TAXABLE INCOME THRESHOLD FOR LONG-TERM CAPITAL GAINS RATE
- 2024 TAXABLE INCOME THRESHOLD FOR LONG-TERM CAPITAL GAINS RATE
- GIFT & ESTATE TAX EXEMPTIONS
- 2023 AND 2024 DOLLAR LIMIT FOR RETIREMENT PLANS
- HEALTH SAVINGS ACCOUNT
- 2024 EARNED INCOME TAX CREDIT (EITC) PARAMETERS
2023 / 2024 Tax Benefit
| Standard Deduction | 2023 | 2024 |
|---|---|---|
| Married-Joint | $27,700 | $29,200 |
| Single | $13,850 | $14,600 |
| Married-Separate | $13,850 | $14,600 |
| Head of Household | $20,800 | $21,900 |
| Foreign Earned Income Exclusion | $120,000 | $126,500 |
| Maximum Taxable Social Security Earnings Base | $160,200 | $168,600 |
2023 Individual Tax Income Rates
| Rate | Single | Head of Household | Married-Joint | Married-Separate |
|---|---|---|---|---|
| 10% | $0 – $11,000 | $0 – $15,700 | $0 – $22,000 | $0 – $11,000 |
| 12% | $11,001 – $44,725 | $15,701 – $59,850 | $22,001 – $89,450 | $11,001 – $44,725 |
| 22% | $44,726 – $95,375 | $59,851 – $95,350 | $89,451 – $190,750 | $44,726 – $95,375 |
| 24% | $95,376 – $182,100 | $95,351 – $182,100 | $190,751 – $364,200 | $95,376 – $182,100 |
| 32% | $182,101 – $231,250 | $182,101 – $231,250 | $364,201 – $462,500 | $182,101 – $231,250 |
| 35% | $231,250 – $578,125 | $231,251 – $578,100 | $462,500 – $693,750 | $231,250 – $346,875 |
| 37% | Over $578,126 | Over $578,100 | Over $693,750 | Over $346,875 |
2024 Individual Tax Income Rates
| Rate | Single | Head of Household | Married-Joint | Married-Separate |
|---|---|---|---|---|
| 10% | $0 – $11,600 | $0 – $16,550 | $0 – $23,200 | $0 – $11,600 |
| 12% | $11,601 – $47,150 | $16,551 – $63,100 | $23,201 – $94,300 | $11,601 – $47,150 |
| 22% | $47,151 – $100,525 | $63,101 – $100,500 | $94,301 – $201,050 | $47,151 – $100,525 |
| 24% | $100,526 – $191,950 | $100,501– $191,950 | $201,051 – $383,900 | $100,526 – $191,950 |
| 32% | $191,951 – $243,725 | $191,951– $243,700 | $383,901 – $487,450 | $191,951 – $243,725 |
| 35% | $243,726 – $609,350 | $243,701 – $609,350 | $487,451 – $731,200 | $243,726– $365,600 |
| 37% | Over $609,350 | Over $609,350 | Over $731,200 | Over $365,600 |
2023 Trust & Estates Income Tax Brackets
| Over | Not Over | The Tax Is | …Of Amount Over |
|---|---|---|---|
| $0 | $2,900 | 10% | $0 |
| $2,900 | $10,550 | $290 + 24% | $2,900 |
| $10,550 | $14,450 | $2,126 + 35% | $10,550 |
| $14,450 | – | $3,491 + 37% | $14,450 |
2024 Trust & Estates Income Tax Brackets
| Over | Not Over | The Tax Is | …Of Amount Over |
|---|---|---|---|
| $0 | $3,100 | 10% | $0 |
| $3,101 | $11,150 | $310 + 24% | $3,100 |
| $11,151 | $15,200 | $2,242 + 35% | 11,150 |
| $15,200+ | – | $3,659.50 + 37% | $15,200 |
2023 Alternative Minimum Tax Exemption
| 2023 Exception | Phase-Out Threshold | Complete Phase-Out Exemption | |
|---|---|---|---|
| Married Filing Jointly | $75,900 | $1,156,300 | $1,662,300 |
| Married Filing Single | $63,250 | $578,150 | $903,350 |
| Single | $81,300 | $578,150 | $831,150 |
| Estates and Trust | $28,400 | $94,600 | $208,200 |
2024 Alternative Minimum Tax Exemption
| 2024 Exception | Phase-Out Threshold | Complete Phase-Out of Exemption | |
|---|---|---|---|
| Married Filing Jointly | $133,300 | $1,218,700 | $1,751,900 |
| Married Filing Single | $66,650 | $609,350 | $875,950 |
| Single | $85,700 | $609,350 | $952,150 |
| Estates and Trust | $29,900 | $99,700 | $219,300 |
2023 Taxable Income Threshold for Long-Term Capital Gains Rate
| Filing Status | 0% Rate for Long-Term Capital Gains and Qualified Dividends | 15% Rate for Long-Term Capital Gains and Qualified Dividends | 20% Rate for Long-Term Capital Gains and Qualified Dividends |
|---|---|---|---|
| Married Filing Jointly | Up to $89,250 | Up to $553,850 | Over $553,850 |
| Head of Household | Up to $59,750 | Up to $523,050 | Over $523,050 |
| Single | Up to $44,625 | Up to $492,300 | Over $492,300 |
| Married Filing Single | Up to $44,625 | Up to $276,900 | Over $276,900 |
| Trusts & Estates | Up to $3,000 | Up to $14,650 | Over $14,650 |
2024 Taxable Income Threshold for Long-Term Capital Gains Rate
| Filing Status | 0% Rate for Long-Term Capital Gains and Qualified Dividends | 15% Rate for Long-Term Capital Gains and Qualified Dividends | 20% Rate for Long-Term Capital Gains and Qualified Dividends |
|---|---|---|---|
| Married Filing Jointly | Up to $94,050 | $94,051 – $583,750 | Over $583,751 |
| Head of Household | Up to $63,000 | $551,350 | Over $551,350 |
| Single | Up to $47,025 | $518,900 | Over $518,901 |
| Married Filing Single | Up to $47,025 | $291,850 | Over $291,850 |
| Trusts & Estates | Up to $3,150 | $15,450 | – |
Gift & Estate Tax Exemptions
| 2023 | 2024 | |
|---|---|---|
| Gift Tax Exemption | $12,920,000 | $13,610,000 |
| Estate Tax Exemption | $12,920,000 | $13,610,000 |
| GST Tax Exemption | $12,920,000 | $13,610,000 |
| Annual Exclusion | $17,000 | $18,000 |
| Annual Exclusion (For gifts to spouses who are not U.S. Citizens) | $175,000 | $185,000 |
2023 and 2024 Dollar Limit for Retirement Plans
| Plan Types | 2023 Limits | 2024 Limits |
|---|---|---|
| Defined Contribution Plans | $66,000 | $69,000 |
| Defined Benefit Plans | $265,000 | $275,000 |
| Defined Contribution Plans – 401(k), 403(B) and 457 and Thrift Plans under Age 50 | $22,500 | $23,000 |
| Age 50 and Older | $30,000 | $30,500 |
| Simple Plans: Under Age 50 | $15,500 | $16,000 |
| Age 50 and Older | $19,000 | $19,500 |
| Qualified Plans – Annual Compensation Limit | $330,000 | $345,000 |
| Traditional IRA AGI Phase-Out (MFJ with participant in employer plan) | $116,000 | $123,000 |
| Traditional IRA AGI Phase-Out (MFJ with taxpayer not an active participant, spouse in employer plan) | $228,000 | $240,000 |
| Traditional IRA AGI Phase-Out (Single/HOH) | $73,000 | $77,000 |
| Roth IRA Contributions AGI Phase-Out (Single/HOH) | $153,000 | $161,000 |
| Roth IRA Contributions AGI Phase-Out (MFJ) | $228,000 | $230,000 |
| Other Thresholds | 2023 Limits | 2024 Limits |
|---|---|---|
| SEP Annual Contribution Limit | $66,000 | $69,000 |
| Key Employee in a Top-Heavy Plan | $215,000 | $220,000 |
| Highly Compensated Employee | $150,000 | $155,000 |
Health Savings Account
| Contribution Limits 2023 | 2023 | 2024 |
|---|---|---|
| Single/Family | $3,850 / $7,750 | $4,150 / $8,300 |
| Age 55 + IRA Catch-up Contribution | $1,000 | $1,000 |
2024 Earned Income Tax Credit (EITC) Parameters
| Item | No Children | One Child | Two Children | Three or More Children |
|---|---|---|---|---|
| Earned Income Amount | $8,260 | $12,390 | $17,400 | $17,400 |
| Maximum Amount of Credit | $632 | $4,213 | $6,960 | $7,830 |
| Threshold Phaseout Amount (Married Filing Jointly) | $17,250 | $29,640 | $29,640 | $29,640 |
| Completed Phaseout Amount (Married Filing Jointly) | $25,511 | $56,004 | $62,688 | $66,819 |
| Threshold Phaseout Amount (All other filing statuses) | $10,330 | $22,720 | $22,720 | $22,720 |
| Completed Phaseout Amount (All other filing statuses) | $18,591 | $49,084 | $55,768 | $59,899 |