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Please check here often to view recent changes in the U.S. Tax Laws.
Updated: January 1, 2024
2024
2024 Retirement Contribution Limits:
| IRA (Regular & Roth) | $7,000 |
| IRA catch-up | $1,000 |
| 401(k)/403(b) | $23,000 |
| 401(k)/403(b) catch-up | $7,500 |
| SIMPLE * | $16,000 |
| SIMPLE catch-up * | $3,500 |
| SEP IRA/Solo 401(K) | $69,000 |
| Solo 401(K) Catch-up | $7,500 |
| *Increase by 10% if company has 25 or fewer employees | |
| The catch-up is for those that are 50 years old or older before the close of the tax year. |
|
2024 Estate Tax Limits:
| Annual gift tax exclusion | $18,000 |
| Estate tax exemption | $13,610,000 |
2024 Mileage rates
Business: 67 cents/mile
Medical/moving: 21 cents/mile
Charitable: 14 cents/mile
2024 HSA contribution limits
Individual
$4,150
Family $8,300
Catch-up $1,000
The catch-up is for those 55 years old or older before the close of the tax year.
2024 Nanny Tax threshold: $2,700
