Single/MFS: $ 13,850

MFJ/QW: $ 27,700

HOH: $ 20,800

Unless you have enough itemized deductions to surpass the standard deduction, you will take the standard deduction on your tax return. When the standard deduction is taken, itemized expenses do not affect your return.

(Beginning Jan 1, 2024)

67 cents per mile driven for business

22 cents per mile driven for medical or moving purposes (qualified active-duty members of the Armed Forces only)

14 cents per mile driven in service of charitable organizations

You are now required to begin taking minimum distributions at age 73 (if you turn 72 after 2022)

Traditional IRA contributions phase out at AGIs of $116,000-$136,000 for couples and $73,000-83,000 for singles.

Roth IRA contributions phase out at AGIs of $218,000-$228,000 for couples and $138,000-153,000 for singles.

There is no longer an income level phase out for itemized deductions.

The deduction for medical expenses will have a 7.5% AGI floor for 2021 and beyond.

Beginning in 2018 the taxes paid deductions which include state income tax withholding, general sales tax, real estate taxes and personal property taxes has a $ 10,000 cap. Anything over the cap will be disallowed.

Home mortgage interest deduction is now limited to $ 750,000 on acquisition debt for any property acquired after December 15, 2017. The limit for property acquired prior to December 15, 2017 will stay at $1,000,000.

Charitable contributions must now have written acknowledgements for any contribution of $ 250.00 or more.

Deductions for Casualty and Theft losses are no longer deductible unless the loss it attributable to a Federally Declared Disaster Area.

Miscellaneous Itemized Deduction falling under the 2% AGI limitation are no longer deductible. This includes deductions such as unreimbursed business expenses, auto mileage (for W2 employees), tax preparation fees, attorney and investment advisory fees, safe deposit box fees, union dues, etc.

Social Security recipients under full retirement age may earn W-2 wages of up to $22.320 in 2024. Recipients who reach full retirement age during 2024 may earn wages of up to $59,520. For earnings over this amount, you will repay $1 for each $2 of social security over the limit.

After the year of full retirement age there are no earnings limit to trigger repayment.

Announced increase in Social Security benefits for 2024 will be 3.2%.

Maximum taxable Social Security wages are $ 168,600 for 2024. Medicare continues on all W-2 and self employment earnings.

“Retirement age” is now based on the year you are born. If you are born from 1943-1954, your retirement age is 66 years old. If you are born in 1960 or after, your retirement age is 67 years old. For birth years 1955-1959, retirement age is 66 years old, plus 2, 4, 6, 8, and 10 months respectively.

IRA: maximum contribution until age 50 is $6,500. Those age 50 and over can make an additional catch-up contribution of $1,000 for a total contribution of $7,500.00

Simple IRA: $ 15,500 (plus $ 3,500 catch-up contribution for age 50 and over)

401(k) / 403(b) / 457: $ 22,500 (plus $ 7,500 catch-up contribution for age 50 and over)

SEP Plans: $ 66,000 (subject to 25% of W2 Medicare wage limit)

HSA: Single: $ 3,850 - Family: $ 7,750. Those age 55 and over can make an additional catch-up contributions of $1,000.