(775) 786-6141
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12/31/2024
2023 |
2022 |
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Retirement Plan Contribution Limits |
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| Individual Retirement Accounts | $ 6,500 | $ 6,000 | |||
| Section 401(k) plans | 22,500 | 20,500 | |||
| Section 415 limit for: | |||||
| Defined contributions plans | 66,000 | 61,000 | |||
| Over age 50 additional contributions: | |||||
| 401(k) type plans | 7,500 | 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) | 116,000 | 109,000 | |||
| Joint Return (taxpayer not covered by a workplace retirement plan married to someone who is covered) | 218,000 | 204,000 | |||
| Single or Head of Household | 73,000 | 68,000 | |||
| ROTH IRA AGI Deduction phase-out starting at: | |||||
| Joint Return | 218,000 | 204,000 | |||
| Single or Head of Household | 138,000 | 129,00 | |||
Social Security Beneficiaries Earnings Limits |
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| Under full retirement age | 21,240 | 19,560 | |||
| Full retirement age | 4,710/mo. | 4,330/mo. | |||
FICA Taxable Wage Base Limits |
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| Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) | 160,200 | 147,000 | |||
| 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 |
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| Individual | 3,850 | 3,650 | |||
| Family | 7,750 | 7,300 | |||
| Catch-Up (55 or older) | 1,000 | 1,000 | |||
Section 179 Expense |
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| Maximum expense election | 1,160,000 | 1,080,000 | |||
| Phaseout threshold | 2,890,000 | 2,700,000 | |||
Estate Taxes |
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| Estate tax exemption | 12,290,000 | 12,060,000 | |||
| Top estate tax rate | 40% | 40% | |||
Gift Taxes |
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| Lifetime gift tax exemption | 12,290,000 | 11,580,000 | |||
| Annual gift tax exemption | |||||
| Gifts per person | 17,000 | 16,000 | |||
| Joint gifts by spouse | 34,000 | 32,000 | |||
Standard Mileage Rates |
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| Business | 65.5¢ per mile | 58.5¢ per mile (1/1-6/30) 62.5¢ per mile (7/1-12/31) |
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| Charitable | 14¢ per mile | 14¢ per mile | |||
| Medical and Moving | 22¢ per mile | 18¢ per mile (1/1-6/30) 22¢ per mile (7/1-12/31) |
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12/18/2023
