IRS Published Inflation-Adjusted Tax Numbers for 2024

In Revenue Procedure 2023-34, the IRS announced that the gift tax exclusion in 2024 will be $18,000 to any person, up from $17,000 in 2023. The annual gift tax exclusion allows an individual to gift up to a certain amount of money ($18,000 in 2024) to another

In Revenue Procedure 2023-34, the IRS announced that the exclusion to gifts to a spouse who is not a citizen of the United States will increase to $185,000 in 2024, up from $175,000 in 2023. In the United States, a marital deduction is not allowed when the donor’s

In Revenue Procedure 2023-34, the IRS announced that the federal estate tax exemption in 2024 will be $13,610,000 per individual ($27,220,000 for a married couple), up from $12,920,000 in 2023. The estate tax exemption is a “unified credit” because one credit applies both to

The IRS announced that individuals can contribute more to certain retirement accounts: In 2024, individuals can contribute $23,000 (up from $22,500 in 2023) to their 401(k) plans. They can contribute $7,000 to their traditional IRA (up from $6,500 in 2023). They can also contribute $16,

In Revenue Procedure 2023-34, the IRS published inflation-adjusted tax rates for 2024. Married Individuals Filing Joint Returns and Surviving Spouses -- § 1(j)(2)(A) If Taxable Income: The Tax Is: Not over $23,200 10% of the taxable income Over $23,200 but not over $94,300 $2,320

In Revenue Procedure 2023-34, the IRS released the standard deduction amounts for 2024. The standard deduction is a set amount of money that you can subtract from your taxable income. This amount is determined by the government and is based on your filing status, such as single, married filing…