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Tax Guide

2024

2023

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 7,000 $ 6,500
Section 401(k) plans 23,000 22,500
Section 415 limit for:
Defined contributions plans 69,000 66,000
Over age 50 additional contributions:
401(k) type plans 7,500 7,500
IRAs 1,000 1,000
IRA AGI Deduction phase-out starting at:
Joint Return (if taxpayers are covered by a workplace retirement plan) 123,000 116,000
Joint Return (taxpayer not covered by a workplace retirement plan married to someone who is covered) 230,000 218,000
Single or Head of Household 77,000 73,000
ROTH IRA AGI Deduction phase-out starting at:
Joint Return 230,000 218,000
Single or Head of Household 146,000 138,000

Social Security Beneficiaries Earnings Limits

Under full retirement age 22,320 21,240
Full retirement age 4,960/mo. 4,710/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) 168,600 160,200
Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly. 2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.) No limit No limit

Health Savings Accounts

Individual 4,150 3,850
Family 8,300 7,750
Catch-Up (55 or older) 1,000 1,000

Section 179 Expense

Maximum expense election 1,220,000 1,160,000
Phaseout threshold 3,050,000 2,890,000

Estate Taxes

Estate tax exemption 13,610,000 12,920,000
Top estate tax rate 40% 40%

Gift Taxes

Lifetime gift tax exemption 13,610,000 12,920,000
Annual gift tax exemption
Gifts per person 18,000 17,000
Joint gifts with spouse 36,000 34,000

Standard Mileage Rates

Business 67¢ per mile 65.5¢ per mile
Charitable 14¢ per mile 14¢ per mile
Medical and Moving 21¢ per mile 22¢ per mile

12/18/2023

2022

2021

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 6,000 $ 6,000
Section 401(k) plans 20,500 19,500
Section 415 limit for:
Defined contributions plans 61,000 58,000
Over age 50 additional contributions:
401(k) type plans 6,500 6,500
IRAs 1,000 1,000
IRA AGI Deduction phase-out starting at:
Joint Return ( if taxpayers are covered by a workplace retirement plan) 109,000 105,000
Joint Return (taxpayer not covered by a workplace retirement plan married to someone who is covered) 204,000 n/a
Single or Head of Household 68,000 68,000
ROTH IRA AGI Deduction phase-out starting at:
Joint Return 204,000 198,000
Single or Head of Household 129,000 125,000

Social Security Beneficiaries Earnings Limits

Under full retirement age 19,560 18,960
Full retirement age 4,330/mo. 4,210/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) 147,000 142,800
Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly. 2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.) No limit No limit

Health Savings Accounts

Individual 3,650 3,600
Family 7,300  7,200
Catch-Up (55 or older) 1,000  1,000

Section 179 Expense

Maximum expense election 1,080,000 1,050,000
Phaseout threshold 2,700,000  2,620,000

Estate Taxes

Estate tax exemption 12,060,000 11,700,000
Top estate tax rate 40%  40%

Gift Taxes

Lifetime gift tax exemption 11,580,000  11,580,000
Annual gift tax exemption
Gifts per person 16,000 15,000
Joint gifts by spouse 32,000 30,000

Standard Mileage Rates

Business 58.5¢ per mile (1/1-6/30)
62.5¢ per mile (7/1-12/31)
 56¢ per mile
Charitable 14¢ per mile  14¢ per mile
Medical and Moving 18¢ per mile (1/1-6/30)
22¢ per mile (7/1-12/31)
 16¢ per mile

1/24/2022





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100 W. Liberty St., Suite 1100
Reno, NV 89501

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