IRA and Tax Tables 2024
IRA Minimum Distribution Tables
Single Life Expectancy Table
Annual Gift Tax Exclusion
You may give the following amount to an individual, free of gift tax:
Year | Annual Exclusion |
---|---|
2024 | $18,000 |
Uniform Lifetime Table
Generation-Skipping Transfer (GST) Tax
Tax on assets transferred to non-spouse heirs at death:
Year | Exempt from Tax | GST Tax Rate |
---|---|---|
2024 | $13,610,000 per person (no portability) | 40% |
Federal Estate Tax Levels
At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:
Year | Exempt from Tax | Estate-Tax Rate |
---|---|---|
2024 | $13,610,000 per person with portability | Top rate of 40% |
Federal Tax Brackets
Taxable Income Brackets for 2024
Marginal Tax Rate |
Married Filing Joint |
Single |
10% |
$0 – $23,200 |
$0 – $11,600 |
12% |
$23,201 – $94,300 |
$11,601 – $47,150 |
22% |
$94,301 –$201,050 |
$47,151 – $100,525 |
24% |
$201,051 – $383,900 |
$100,526 – $191,950 |
32% |
$383,901 – $487,450 |
$191,951 – $243,725 |
35% |
$487,451 – $731,200 |
$243,726 – $609,350 |
37%* |
Over $731,200 |
Over $609,350 |
SEP IRA Contribution Levels
Here's what can be contributed to a SEP IRA:
Year | Maximum Contribution |
---|---|
2024 | The SEP limit for 2024 is 25% of up to $345,000 of compensation, limited to a maximum annual contribution of $69,000. |
Roth IRA Conversion Eligibility
Year | Eligibility |
---|---|
2024 | Anyone Can |