Standard Deduction:
– Married filing jointly — $27,700
– Married filing separately — $13,850
– Head of household — $20,800
– Single — $13,850
Additional for Elderly (over age 65):
– Married filing jointly — $1,500
– Single — $1,850
Child Tax Credit:
– Credit — $2,000
– Maximum refundable — $1,600
– Phase-out — MFJ $400,000, Single $200,000
Other Dependents:
– $500 (nonrefundable credit)
Standard Mileage Rates:
– Business — 65.5¢ per mile
– Medical or moving — 22¢ per mile
– Charitable — 14¢ per mile
Tax Year 2024 Key Amounts
401(k) Contribution: $23,000
– Age 50 and older catch‐up — $7,500
IRA (Traditional & Roth):
– Maximum contribution — $7,000
– Age 50 and older catch‐up — $1,000
Health Savings Accounts (HSA):
– Individual contribution limit — $4,150
– Family contribution limit — $8,300
– Additional $1,000 if age 55 or older
Flexible Savings Accounts (FSA):
– Individual — $3,200
– Child Care — $5,000
Social Security Wage Base: $168,600
NYSSUI Wage Base: $12,500
Gift Tax Exclusion: $18,000
