2024 Quick Tax

Reference Guide
2024 Federal income tax brackets1
Taxable income Taxable income
Of the Of the
Over But not over Tax+ % on excess amount over Over But not over Tax+ % on excess amount over
Unmarried individuals (other than surviving spouses* and heads Head of household
of households)
$0 $16,650 $0 10% $0
$0 $11,600 $0 10% $0
$16,650 $63,100 $1,665 12% $16,650
$11,600 $47,150 $1,160 12% $11,600
$63,100 $100,500 $7,241 22% $63,100
$47,150 $100,525 $5,426 22% $47,150
$100,500 $191,950 $15,469 24% $100,500
$100,525 $191,950 $17,168.50 24% $100,525
$191,950 $243,700 $37,417 32% $191,950
$191,950 $243,725 $39,110.50 32% $191,950
$243,700 $609,350 $53,977 35% $243,700
$243,725 $609,350 $55,678.50 35% $243,725
$609,350 ∞ $181,954.50 37% $609,350
$609,350 ∞ $183,647.25 37% $609,350
Trusts and estates
Married filing jointly and surviving spouse*
$0 $3,100 $0 10% $0
$0 $23,200 $0 10% $0
$3,100 $11,150 $310 24% $3,100
$23,200 $94,300 $2,320 12% $23,200
$11,150 $15,200 $2,242 35% $11,150
$94,300 $201,050 $10,852 22% $94,300
$15,200 ∞ $3,659.50 37% $15,200
$201,050 $383,900 $34,337 24% $201,050
Standard deductions 2
2024
$383,900 $487,450 $78,221 32% $383,900 Unmarried individuals (other than surviving $14,600
$487,450 $731,200 $111,357 35% $487,450 spouses* and heads of households)
$731,200 ∞ $196,669.50 37% $731,200 Married filing jointly and surviving spouses* $29,200
Married filing separately Married filing separately $14,600
$0 $11,600 $0 10% $0 Head of household $21,900
$11,600 $47,150 $1,160 12% $11,600 Aged or blind (Additional standard MFJ: $1,550
deduction amount) Single: $1,950
$47,150 $100,525 $5,426 22% $47,150
$100,525 $191,950 $17,168.50 24% $100,525 Personal exemption3 suspended

$191,950 $243,725 $39,110.50 32% $191,950 Kiddie tax

$243,725 $365,600 $55,678.50 35% $243,725 Unearned income** $1,300

$365,600 ∞ $98,334.75 37% $365,600 **The amount of unearned income that a child under the age of 18 and full-time
students under the age of 24 can receive without filing an income tax return.
*Surviving spouses who do not remarry in the year his or her spouse dies can file
jointly with the deceased spouse. For the two years following the year of death, the
surviving spouse may be able to use the Qualifying Widow(er) filing status if he or
she remains unmarried, has a dependent and meets certain other requirements.
2024 Quick Tax Reference Guide

Long-term capital gains and qualified Health savings accounts

dividend rates Contribution limits
Long-term Single/Family $4,150/$8,300
capital Married Age 55+ catch-up $1,000
gains Married Head filing Estates
tax rate Single filing jointly of houshold separately and trusts High deductible health plans
0% $0 to $0 to $0 to $0 to $0 to Minimum deductible single/family $1,600/$3,200
$47,025 $94,050 $63,000 $47,025 $3,150 Maximum out-of-pocket $8,050/$16,100
15% $47,026 to $94,051 to $63,001 to $47,026 to $3,151 to single/family
$518,900 $583,750 $551,350 $291,875 $15,450 Source: IRS Revenue Procedure 2023-34.

20% $518,901 $583,751 $551,351 $291,876 $15,451

or more or more or more or more or more Child tax credit
Other long-term gains rates Income phaseouts
Credit Maximum credit begin at AGI of:
Gains on collectibles Maximum 28%
Child tax credit $2,000 per $400,000—married,
Unrecaptured 1250 depreciation Maximum 25%
qualifying child* filing jointly
$200,000—all other filers
*Refundable up to $1,700 per child
Net Investment Income Tax Source: usa.gov/tax-benefits
Individual taxpayers are liable for a 3.8% Net Investment Income Tax on
the lesser of their net investment income, or the amount by which their Alternative Minimum Tax (AMT)
modified adjusted gross income (MAGI) exceeds the statutory threshold
amount based on their filing status. Net investment income includes, but Unmarried Married
is not limited to: interest, dividends, capital gains, certain annuities, and (older than filing jointly Married
rental and royalty income (unless derived in a trade or business in which surviving or surviving filing Estates
the NIIT doesn’t apply). spouse) spouse separately and trusts
Married filing jointly MAGI above $250,000 AMT $85,700 $133,300 $66,650 $29,900
Exemption Amount
Married filing separately MAGI above $125,000
28% $232,600 $232,600 $116,300 $232,600
Qualifying widow(er) w/dep child MAGI above $250,000 Bracket Threshold
Estates and trusts w/undist MAGI above $13,450 Exemption $609,350/ $1,218,700/ $609,350/ $99,700/
net inv income Phase-out Threshold $952,150 $1,751,900 $875,950 $219,300
All other filers MAGI above $200,000 Source: IRS Revenue Procedure 2023-34 and the Tax Cuts and Jobs Act of 2017.

Estate and gift tax4

Estate and gift tax rate 40%
Estate tax exemption $13,610,000
Lifetime gift exemption $13,610,000
GST exemption $13,610,000
Gift tax annual exclusion $18,000
Annual exclusion for gifts to $185,000
non-citizen spouse
Source: IRS Revenue Procedure 2023-34 and the Tax Cuts and Jobs Act of 2017.

2024 Quick Tax Reference Guide 2

2024 Quick Tax Reference Guide

Social Security 2024 Medicare—Part B and Part D costs

If your modified adjusted gross income as reported on your IRS return
Taxable wage base
from 2 years ago is above a certain amount, your Medicare Part B and
Social Security (OASDI) $168,000 Part D premiums may be subject to an Income Related Monthly Adjustment
Medicare (HI only) No limit Amount (IRMAA). IRMAA is an extra charge added to your premium.
Retirement earning test
If your yearly income in 2022 (for what you pay in 2024) was:
Under full retirement age $22,320/yr $1,860/mo
File File married Part B Part D
Note: One dollar in benefits will be withheld for every $2 in earnings above the limit. individual File joint & separate monthly monthly
tax return tax return tax return premium cost premium cost
Year reaching full retirement age $59,520/yr $4,960/mo
$103,000 $206,000 $103,000 $174.70 Your plan
Note: Applies only to earnings for months prior to attaining full retirement age. One
or less or less or less premium
dollar in benefits will be withheld for every $3 in earnings above the limit.
Above Above Not applicable $244.60 $12.90 + your
Taxability of benefits (based on provisional income and filing status) $103,000 up $206,000 up plan premium
Individual Married to $129,000 to $258,000
filing jointly Above Above Not applicable $349.40 $33.30 + your
Not taxable <$25,000 <$32,000 $129,000 up $258,000 up plan premium
to $161,000 to $322,000
Up to 50% taxable $25,000- $32,000-
Above Above Not applicable $454.20 $53.80 + your
$34,000 $44,000
$161,000 up $322,000 up plan premium
Up to 85% taxable >$34,000 >$44,000 to $193,000 to $386,000
Married filing separately Above Above Above 103,000 $559.00 $74.20 + your
$193,000 $386,000 and less than plan premium
Up to 85% of benefits are taxable and less than and less than $397,000
Provisional income = adjusted gross income + nontaxable income + $500,000 $750,000
½ Social Security benefits $500,000 $750,000 $397,000 $594.00 $81.00 + your
Age to receive full benefits or above and above and above plan premium
Source: The Official U.S. Government Site for Medicare.
Full % reduced at
Website: www.medicare.gov.
Year of birth retirement age age 62
1943-1954 66 25%
1955 66 and 2 months 25.83%
1956 66 and 4 months 26.67%
1957 66 and 6 months 27.50%
1958 66 and 8 months 28.33%
1959 66 and 10 months 29.17%
1960 and later 67 30%
Delayed retirement credit*
Year of birth Year rate of increase
1943 or later 8%
*Delayed retirement credits are earned for each month during the period beginning
with the month you attain full retirement age and ending when you start receiving
benefits or reach age 70.
Source: Social Security Administration website www.SSA.gov

2024 Quick Tax Reference Guide 3

2024 Quick Tax Reference Guide

Retirement plan contribution and benefit limits Uniform lifetime table for most taxpayers to
compute lifetime required distributions.
IRA contribution limit $7,000
50+ catch-up $1,000 Applicable Applicable
Age divisor Percentage Age divisor Percentage
401(k), 403(b) and 457(b) elective deferral limit* $23,000 72 27.4 3.65% 96 8.4 11.90%
50+ catch-up $7,500 73 26.5 3.77% 97 7.8 12.82%
SEP IRA contribution limit $69,000 74 25.5 3.92% 98 7.3 13.70%
Lesser of 25% of compensation (to a maximum of 75 24.6 4.07% 99 6.8 14.71%
$305,000), or:
76 23.7 4.22% 100 6.4 15.63%
SIMPLE elective deferral limit $16,000 77 22.9 4.37% 101 6.0 16.67%
50+ catch-up $3,500 78 22.0 4.55% 102 5.6 17.86%
Defined contribution limit - 415(c)(1)(A) $69,000 79 21.1 4.74% 103 5.2 19.23%
Compensation limit - 401(a)(17) $345,000 80 20.2 4.95% 104 4.9 20.41%
81 19.4 5.15% 105 4.6 21.74%
Defined benefit limit - 415(b)(1)(A) $275,000
82 18.5 5.41% 106 4.3 23.26%
Highly compensated employee - 414(q)(1)(B) $155,000
83 17.7 5.65% 107 4.1 24.39%
Key employee in a top-heavy plan - 416(i)(1)(A)(i) $220,000 84 16.8 5.95% 108 3.9 25.64%
*Special catch-up rules apply to certain 403(b) contributors with 15 or more 85 16.0 6.25% 109 3.7 27.03%
years of service and governmental 457(b) participants in the last three years
before retirement. 86 15.2 6.58% 110 3.5 28.57%
87 14.4 6.94% 111 3.4 29.41%
88 13.7 7.30% 112 3.3 30.30%
Traditional IRAs—Deductibility Phase-Out
89 12.9 7.75% 113 3.1 32.26%
(based on MAGI)
90 12.2 8.20% 114 3.0 33.33%
Active participant in an employer plan: 91 11.5 8.70% 115 2.9 34.48%
Married filing jointly $123,000 - $143,000 92 10.8 9.26% 116 2.8 35.71%
Married filing separately $0 - $10,000 93 10.1 9.90% 117 2.7 37.04%
Single or head of household $77,000 - $87,000 94 9.5 10.53% 118 2.5 40.00%
95 8.9 11.24% 119 2.3 43.48%
Nonparticipant married to a participant $230,000 - $240,000
120+ 2.0 50.00%
Neither spouse a participant Fully deductible
Source: Federal Register/Vol. 85, No. 219, November 12, 2020 (TD 9930).

Roth IRAs—Income Phase-Out for contributions

(based on MAGI)
2024
Married filing jointly $230,000 - $240,000
Married filing separately $0 - $10,000
Single or head of household $146,000 - $161,000
Source: IRS Notice 2023-34.

2024 Quick Tax Reference Guide 4

1
Tax Brackets: The provision’s rate structure does not apply to taxable years beginning after December 31, 2025.
2
Standard Deductions: The amount of standard deduction is indexed for inflation using the C-CPI-U for taxable years beginning after December 31, 2018.
The additional standard deduction for the elderly and the blind is not changed by the provision. The increase of the basic standard deduction does not
apply to taxable years beginning after December 31, 2025.
3
The suspension of Personal Exemptions does not apply to taxable years beginning after December 31, 2025.
4
The Tax Cuts and Jobs Act of 2017 temporarily increases the basic exclusion amount provided in Section 2010(c)(3) of the Code from $5 million
to $10 million. The $10 million amount is indexed for inflation occurring after 2011. This provision is set to sunset and unless it is extended will
not apply to taxable years beginning after December 31, 2025.
TIAA 2024 Quick Tax Reference Guide is a summary in nature and is current and accurate as of 12/31/2023. Users of this guide are advised to
refer to the complete legislation or other applicable materials to ensure accuracy and comprehensive coverage of the material. Further, changes
to legislation or administration actions that become effective after this date may make the information provided in this guide no longer current.
This guide is provided to you for informational purposes only and should not be relied upon as legal or tax advice. Consult your legal or tax advisor
for specific advice.
The TIAA group of companies does not provide legal or tax advice. Please consult your legal or tax advisor.
Advisory services provided by Advice & Planning Services, a division of TIAA Individual & Institutional Services, LLC, a registered investment advisor.
©2023 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 1001

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