IRA and Tax Tables 2024 | Ed Slott and Company, LLC

IRA and Tax Tables 2024

Roth IRA Contributions Quick Fact Sheet

Quick Fact Sheet – Roth IRA Contributions

IRA Contribution Levels

YearUnder age 50Age 50+
2024$7,000$8,000

Roth IRA Eligibility

Year Married/Joint Single or head of Household
2022 204,000 - 214,000 129,000 - 144,000
2023 218,000 - 228,000 138,000 - 153,000
2024 230,000 - 240,000 146,000 - 161,000

If filing married-separate, the phase-out range is $0 - $10,000.

Traditional IRA Deductions

This chart is only for those who are covered by a company retirement plan.

Year Married/Joint Single or head of Household
2022 109,000 - 129,000 68,000 - 78,000
2023 116,000 - 136,000 73,000 - 83,000
2024 123,000 - 143,000 77,000 - 87,000

If not covered by a company plan but the spouse is, the phase-out range for 2023 is $218,000 - $228,000 and for 2024 is $230,000 - $240,000. If filing married-separate, the phase-out range is $0 - $10,000.

Roth IRA Conversion Eligibility

YearEligibility
2024Anyone Can

SEP IRA Contribution Levels

Here's what can be contributed to a SEP IRA:

Year Maximum Contribution
2024 The SEP limit for 2024 is 25% of up to $345,000 of compensation, limited to a maximum annual contribution of $69,000.

Federal Tax Brackets

Taxable Income Brackets for 2024

Marginal Tax Rate

Married Filing Joint

Single

10%

$0 – $23,200

$0 – $11,600

12%

$23,201 – $94,300

$11,601 – $47,150

22%

$94,301 –$201,050

$47,151 – $100,525

24%

$201,051 – $383,900

$100,526 – $191,950

32%

$383,901 – $487,450

$191,951 – $243,725

35%

$487,451 – $731,200

$243,726 – $609,350

37%*

Over $731,200

Over $609,350

Federal Estate Tax Levels

At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:


YearExempt from TaxEstate-Tax Rate
2024

$13,610,000 per person with portability

Top rate of 40%

Generation-Skipping Transfer (GST) Tax

Tax on assets transferred to non-spouse heirs at death:


YearExempt from TaxGST Tax Rate
2024

$13,610,000 per person (no portability)

40%

Annual Gift Tax Exclusion

You may give the following amount to an individual, free of gift tax:


YearAnnual Exclusion
2024$18,000

IRA Minimum Distribution Tables

When owners of a Traditional IRA reach age 73, they are required to take annual minimum distributions. The amount changes each year. Simply divide your IRA's value at the end of the prior year by the distribution factor listed next to your age in the following IRS charts:



Uniform Lifetime Table

This table is the life expectancy table to be used by all IRA owners to calculate lifetime distributions unless your beneficiary is your spouse who is more than 10 years younger than you. In that case, you would not use this table, you would use the actual joint life expectancy of you and your spouse based on the regular Joint Life Expectancy Table.

Joint Life Expectancy Table

This table is used only for lifetime distributions and only when the spousal exception applies (when the spouse is the sole beneficiary for the entire year and is more than 10 years younger than the IRA owner). Beneficiaries never use this table.


Single Life Expectancy Table

Beneficiaries use this Single Life Expectancy Table based on their age in the year after the IRA owner's death. That factor is reduced by one for each succeeding distribution year. Spouse beneficiaries who do not elect to roll the IRA over or treat it as their own also use the single life table, but they can look up their age each year.
 

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