November 15, 2023

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 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

Marcum LLP Unveils Comprehensive 2023 Year-End Tax Guide

Marcum's 2023 guide delves particularly deep, offering thirty articles filled with insights and detailed reference charts that underscore tax planning avenues.