What's New For 2024




The standard deduction increased
The standard deduction for 2024 (tax returns filed in 2025) is $14,600 for single filers and married people filing separately, $21,900 for heads of household, and $29,200 for joint filers and surviving spouses.
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Itemized deductions remain mostly the same:
IRA and 401(k) limits
The annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government's Thrift Savings Plan is increased to $23,500, up from $23,000. The limit on annual contributions to an IRA remains $7,000.
Here’s a brief overview of the value of the EIC, based on qualifying children:
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No qualifying children: $632
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1 qualifying child: $4,213
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2 qualifying children: $6,960
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3 or more qualifying children: $7,830
To determine the actual credit amount, head to an article that can help you determine your EIC amount: Earned Income Credit.
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2024 Standard Deduction
Filing StatusDeduction Amount
S
le$14,600
Married Filing Jointly$29,200
Head of Household$21,900
Additional Amount for Married Seniors$1,550
Additional Amount for Unmarried Seniors$1,950
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Health Savings Accounts For 2024,
The annual contribution limits on deductions for HSAs for individuals with self-only coverage is $4,150 (increase of $300) and $8,300 for family coverage (increase of $550). There is an additional contribution amount of $1,000 for taxpayers who are age 55 or older.
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Don't get caught off guard
If you're age 73 or older, make sure you've taken your required minimum distribution (RMD) from your retirement accounts before the end of the year or else you face a 25% penalty on any undistributed funds (unless it's your first RMD, in which case you can wait until April 1, 2024).