The IRS has announced 2024 adjustments to several tax provisions that are adjusted for inflation. The 2024 adjustments include:
- Increase in the estate and gift tax exclusion for those that die in 2024 to $13,610,000, an increase from $12,900,000 in 2023.
- Increase in the annual gift tax exclusion to $18,000 for the calendar year 2024, an increase from $17,000 in 2023.
- Marginal income tax rate brackets have increased and the top tax rate of 37% applies now for those earning greater than $609,350 for individuals and $731,200 for couples filing jointly, while the lowest rate of 10% begins with income of $11,600 for individuals and $23,200 for married couples.
- The standard deduction for married couples filing jointly rises to $29,200, an increase of $1,500 from tax year 2023, and for single filers the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023.
For any questions regarding the impact of these changes on your individual circumstances, please contact Sandra Clark or another of our tax specialists.
