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2024 Tax Reference Amounts

Here is a list of the common items that we are asked about the corresponding amounts.

Retirement Accounts

IRA Contribution Limit (Through Age 49)$7,000
IRA Contribution Limit (Age 50 and Up)$8,000
401(k) Contribution Limit (Through Age 49)$23,000
401(k) Contribution Limit (Age 50 and Up)$30,500

The phase-out limits for deducting contributions to a Traditional IRA (based on AGI):

Filing joint and active participant in employer's retirement plan$123,000 - $143,000
Filing single or head-of-household and active participant in
employer's retirement plan
$77,000 - $87,000
Married but filing separate and active participant in employer's
retirement plan
$0 - $10,000
Not active participant in employer's retirement plan but spouse
is an active participant (filing joint)
$230,000 - $240,000


There are different phase-outs for who can contribute to a Roth IRA (based on AGI):

Filing joint$230,000 - $240,000
Filing single or head-of-household$146,000 - $161,000
Married but filing separate$0 - $10,000

Social Security

Amounts related to withholding or credits:

Income subject to OASDI (SS updated this)$168,600
Income subject to MedicareNo limit
Maximum OASDI to be paid by employee (6.2%)$10,453.20
Amount to earn 1 credit (self-employed)$1,470?????

Maximum earnings and still receive full Social Security benefits:

Under full retirement age (prior years)
Social Security benefit reduced $1 for every $2 over limit.
$22,320/yr  $1,860/mo
Year of full retirement (only months prior to reaching full
retirement age)
Social Security benefit reduced $1 for every $3 over limit.
$59,520/yr  $4,960/mo
Full retirement ageNo limit

Medicare

Standard Part B Premium (ignoring hold-harmless provision)$174.70
Maximum 2021 income for standard Part B premium (Single)$103,000
Maximum 2021 income for standard Part B premium (Joint)$206,000

Health Saving Account (HSA) Limitations

Annual contribution limits:

Self-only Coverage (Through Age 54)$4,150
Self-only Coverage (Age 55 and Up)$5,150
Family Coverage (Through Age 54)$8,300
Family Coverage (Age 55 and Up)$9,300


Minimum annual policy deductibles:

Self-only Coverage$1,600
Family Coverage$3,200


Maximum annual deductible and out-of-pocket expense:

Self-only Coverage$8,050
Family Coverage$16,100

Mileage Rates

Business use67¢
Portion of business deduction allocated to depreciation30¢
Medical and Moving21¢
Charitable (statutory)14¢

Miscellaneous Items

Maximum annual gift amount$18,000
Kiddie Tax threshold (oversimplified - no earned income)$1,300


2023 Tax Reference Amounts