Qualified charitable distributions (QCDs) are distributions made directly from an IRA to a qualified charity. Such distributions may be excluded from income and count toward satisfying any required minimum distributions (RMDs) you would otherwise have to receive from your IRA. Individuals age 70½ and older can make QCDs up to $105,000 (in 2024, $100,000 in 2023).
| Alternative minimum tax (AMT) | 2023 | 2024 |
| Maximum AMT exemption amount | $126,500 (MFJ), $81,300 (Single/HOH), $63,250 (MFS) | $133,300 (MFJ), $85,700 (Single/HOH), $66,650 (MFS) |
| Exemption phaseout threshold | $1,156,300 (MFJ), $578,150 (Single/HOH/MFS) | $1,218,700 (MFJ), $609,350 (Single/HOH/MFS) |
| 26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this amount) | $220,700 (MFJ/Single/HOH), $110,350 (MFS) | $232,600 (MFJ/Single/HOH), $116,300 (MFS) |
| Standard deduction | 2023 | 2024 |
| Standard deduction amount | $27,700 (MFJ), $20,800 (HOH), $13,850 (Single), $13,850 (MFS) | $29,200 (MFJ), $21,900 (HOH), $14,600 (Single), $14,600 (MFS) |
| Standard deduction for dependent | Can’t exceed the greater of $1,250 or $400 + earned income | Can’t exceed the greater of $1,300 or $450 + earned income |
| Additional deduction for aged/blind | $1,850 (Single/HOH), $1,500 (MFJ/MFS) | $1,950 (Single/HOH), $1,550 (MFJ/MFS) |
| Top tax brackets | 2023 | 2024 |
| Single | 37% of taxable income exceeding $578,125 + $174,238.25 | 37% of taxable income exceeding $609,350 + $183,647.25 |
| MFJ | 37% of taxable income exceeding $693,750 + $186,601.50 | 37% of taxable income exceeding $731,200 + $196,669.50 |
| MFS | 37% of taxable income exceeding $346,875 + $93,300.75 | 37% of taxable income exceeding $365,600 + $98,334.75 |
| HOH | 37% of taxable income exceeding $578,100 + $172,623.50 | 37% of taxable income exceeding $609,350 + $181,954.50 |
| Top capital gain tax rate (20%) thresholds | 2023 | 2024 |
| Single | $492,300 | $518,900 |
| MFJ | $553,800 | $583,750 |
| MFS | $276,900 | $291,850 |
| HOH | $523,050 | $551,350 |
| Unearned income Medicare contribution tax (Net investment income tax) | 2023 | 2024 |
| Amount of tax | 3.80% | 3.80% |
| Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding: | ||
| Individuals | $200,000 | $200,000 |
| Married filing jointly | $250,000 | $250,000 |
| Married filing separately | $125,000 | $125,000 |
| Standard mileage rates | 2023 | 2024 |
| Use of auto for business purposes (cents per mile) | $0.655 | $0.67 |
| Use of auto for medical purposes (cents per mile) | $0.22 | $0.21 |
| Use of auto for moving purposes (cents per mile) | $0.22 | $0.21 |
| Use of auto for charitable purposes (cents per mile) | $0.14 | $0.14 |
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
The tax information provided is not intended to be a substitute for specific individualized tax planning advice. We suggest that you consult with a qualified tax advisor.
Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor, member FINRA / SIPC
