IRA and Tax Tables 2024

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.

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:

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.

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

Year	Annual Exclusion
2024	$18,000

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.

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

Year	Exempt from Tax	GST Tax Rate
2024	$13,610,000 per person (no portability)	40%

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

Year	Exempt from Tax	Estate-Tax Rate
2024	$13,610,000 per person with portability	Top rate of 40%

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

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.

Year	Eligibility
2024	Anyone Can