Federal Tax Data Sheet
2024
2023
Standard Deduction
Joint or Qualifying Widow(er) $29,200 $27,700
Single $14,600 $13,850
Head of Household $21,900 $20,800
Add’l for Elderly/Blind (Married) $1,550 $1,500
Add’l for Elderly/Blind (Unmarried) $1,950 $1,850
Taxpayer Claimed as Dependent $1,300 $1,250
Personal/Dependent Exemption $0 $0
Gift and Estate Tax
Estate and Gift Tax Exclusion $13,610,000 $12,920,000
Annual Gift Tax Exclusion $18,000 $17,000
FICA/SE Tax Max Earnings $168,600 $160,200
Auto Standard Mileage Allowances
Business $0.670 $0.655
Charity Work $0.14 $0.14
Medical and Moving $0.21 $0.22
Section 179 Deduction $1,220,000 $1,160,000
Bonus Depreciation (New or Used) 60% 80%
Earning Ceiling for Social Security
Before Retirement Age 62-66 $22,320 $21,240
Year Full Retirement Age Reached Age 66+ $59,520 $56,520
Full Retirement Age Unlimited Unlimited
Roth IRA Contribution Eligibility (AGI)
Joint Return $230,000/ $218,000/
$240,000 $228,000
Single or Head of Household $146,000/ $138,000/
$161,000 $153,000
Married Filing Separately $0/ $0/
$10,000 $10,000
Retirement Plan Maximum Contributions
401(k) $23,000 $22,500
401(k) – Additional Age 50+ $7,500 $7,500
Simple Plans $16,000 $15,500
Simple Plans – Additional Age 50+ $3,500 $3,500
IRA $7,000 $6,500
IRA – Additional Age 50+ $1,000 $1,000
Child Tax Credit
Ages 5 or Younger $2,000 $2,000
Ages 6 to 16 $2,000 $2,000
Dependent Not Qualifying Child $500 $500