Key Retirement and Tax Numbers for 2024

This week, Craig Siminski, of CMS Retirement Income Planning, shares with us an article discussing the IRS’ cost-of-living adjustments for 2024 that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts:

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2024…

Estate, Gift, and Generation-Skipping Transfer Tax

The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2024 is $18,000, up from $17,000 in 2023.

The gift and estate tax basic exclusion amount (and generation-skipping transfer tax exemption) for 2024 is $13,610,000, up from $12,920,000 in 2023.

Standard Deduction

A taxpayer can generally choose to itemize certain deductions or claim a standard deduction on the federal income tax return. In 2024, the standard deduction is:

$14,600 (up from $13,850 in 2023) for single filers or married individuals filing separate returns

$29,200 (up from $27,700 in 2023) for married joint filers

$21,900 (up from $20,800 in 2023) for…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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