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Qualified charitable distributions (QCDs)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). | | Income Tax Key Numbers| Alternative minimum tax (AMT) | 2023 | 2024 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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IMPORTANT DISCLOSURES Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. |
| Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2024. |
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