November 15, 2023

Cost of Living Updates 2023-2024

Cost of Living Updates 2023-2024 Year-End Tax Guide

Tax Benefits
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 Income Tax Rates
RATE
SINGLE
HEAD OF HOUSEHOLD
MARRIED-JOINT
MARRIED-SEPERATE
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%
$231,251 – $578,125
$231,251 – $578,100
$462,501 – $693,750
$231,251 – $346,875
37%
Over $578,125
Over $578,100
Over $693,750
Over $346,875

2024 Individual Income Tax Rates
RATE
SINGLE
HEAD OF HOUSEHOLD
MARRIED-JOINT
MARRIED-SEPERATE
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 Estates & Trusts Income Tax Brackets
OVER
BUT 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 Estates & Trusts Income Tax Brackets
OVER
BUT NOT OVER
THE TAX IS
…OF AMOUNT OVER
$0
$3,100
10%
$0
$3,100
$11,150
$310 + 24%
$3,100
$11,150
$15,200
$2,242 + 35%
$11,150
$15,200
 
$3,660 + 37%
$15,200

2023 Alternative Minimum Tax Exemption
 
EXECPTION
PHASE-OUT THRESHOLD
COMPLETE PHASE-OUT OF EXEMPTION
Married Filing Jointly
$126,500
$1,156,300
$1,662,300
Married Filing Single
$63,250
$578,150
$831,150
Single
$81,300
$578,150
$903,350
Estates and Trusts
$28,400
$94,600
$208,200

2024 Alternative Minimum Tax Exemption
 
EXECPTION
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 & Trusts
$29,900
$99,700
$219,300
2023 Marcum Year-End Tax Guide

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
$89,251 – $553,850
Over $553,850
Head of Household
Up to $59,750
$59,751 – $523,050
Over $523,050
Single
Up to $44,625
$44,626 – $492,300
Over $492,300
Married Filing Separately
Up to $44,625
$44,626 – $276,900
Over $276,900
Estates & Trusts
Up to $3,000
$3,001 – $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 $583,750
Head of Household
Up to $63,000
$63,001 – $551,350
Over $551,350
Single
Up to $47,025
$47,026 – $518,900
Over $518,900
Married Filing Separately
Up to $47,025
$47,026 – $291,850
Over $291,850
Estates & Trusts
Up to $3,150
$3,151 – $15,450
Over $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

Dollar Limit for Retirement Plans
PLAN TYPES
2023 LIMITS
2024 LIMITS
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
Age 50 + Catch-up contributions to 401(k), 403(B), and 457 and Thrift Plans
$7,500
$7,500
Simple Plans: Under Age 50
$15,500
$16,000
Simple Plans: Age 50 and Older
$19,000
$19,500
Catch-up contributions to SIMPLE’s Age 50 and older
$3,500
$3,500
Limit on annual contribution to an IRA
$6,500
$7,000
Age 50 + IRA Catch-Up Contribution
$1,000
$1,000
Traditional IRA AGI Phase-Out Range (MFJ, Spouse making the IRA contribution is covered by a workplace plan)
$116,000 – $136,000
$123,000 – $143,000
Traditional IRA AGI Phase-Out Range (MFJ, Contributor is not covered by a workplace plan but spouse is covered)
$218,000 – $228,000
$230,000 – $240,000
Traditional IRA AGI Phase-Out Range (Single/HOH)
$73,000 – $83,000
$77,000 – $87,000
Traditional IRA AGI Phase-Out Range (MFS)
$0 – $10,000
$0 – $10,000
Roth IRA AGI Phase-Out Range (Single/HOH)
$138,000 – $153,000
$146,000 – $161,000
Roth IRA AGI Phase-Out Range (MFJ)
$218,000 – $228,000
$230,000 – $240,000
Roth IRA AGI Phase-Out Range (MFS)
$0 – $10,000
$0 – $10,000
Maximum annual defined contribution plan limit
$66,000
$69,000
Maximum compensation for calculating qualified plan contributions
$330,000
$345,000
SEP Annual Contribution Limit (the lesser of 25% of the first $345,000 of compensation or:
$66,000
$69,000
Threshold for Key Employee in a Top-Heavy Plan
$215,000
$220,000
Threshold Highly Compensated Employee
$150,000
$155,000

Health Savings Account
CONTRIBUTION LIMITS
2023
2024
Single/Family
$3,850/$7,750
$4,150/$8,300
Age 55 + IRA Catch-up Contribution
$1,000
$1,000
2023 Marcum Year-End Tax Guide

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