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2023/2024 Facts and Figures
From the 2023 Annual Tax Newsletter. . . .
FACTS & FIGURES, Tax Year 2023 2024
Social Security COLA 8.7% 3.2%
Part B premium- income < $85,000 164.90 174.70
Early, Max earnings limits b4 Soc Sec reduced 21,240 22,320
Early, Max earning for year attain full retirement age 56,520 59,520
Standard Deduction
Single/Married Filing Separately 13,850 14,600
Married Filing Joint 27,700 29,200
Head of Household 20,800 21,900
Additional ded. over 65 or blind Single/Married 1,850/1,500 1,950/1,500
Child Tax Credit–Per child under 17 $ under 400,000 2,000 2,000
CTC Income over 400,000 2,000 2,000
Family Credit—unqualified dependents 500 500
Mileage-Business/Charity/Medical .655/.14/.22 .67/.14/.21
Retirement Contributions Limits
IRA under 50/over 50 6,500/7,500 7,000/8,000
401K/403B/457 under 50/over 50 22,500/29,500 23,000/30,500
Annual Gift Exclusion
Person/Couple 17,000/34,000 18,000/36,000
Estate Tax Exclusion for Deaths in 12,920,000 13,610,000
HSA Maximum Contribution Under 55/Over 55 Under 55/Over
Single 3,850/4,850 4,150/5,150
Family 7,750/8,750 8,300/9,300
Flex Spend Maximum Contribution 3,050 3,200
Long Term Capital Gains (asset held greater than 1 year)
If Taxable income + Capital Gain less than :
44,625 Single, 89,250 Married Joint or 59,750 Head of Household rate 0%
492,300 Single, 553,850 Married Joint or 523,050 H of Household 15%
Over the above levels 20%
2024 Long Term Capital Gain Taxable income+ Capital Gain less than
47,025 Single, 94,505 Married Joint or 63,000 H of Household rate = 0%
518,900 Single, 583,750 Married Joint or 551,350 Head of Household 15%
Over above limits 20%