IRS announces new tax brackets and contribution changes for 2024

Tax Brackets for 2024

Highlights of changes in Revenue Procedure 2023-34:

Here are the tax brackets for Married Filing Jointly (MFJ)

for tax year 2024, to be filed in 2025.

Note: Columns "Tax Amount" and "Effective Tax Rate" are calculated.

Tax Table for 2024

401(k), IRA, HSA, FSA, Annual Gift Exclusion etc.

Here are the contribution limits changes from 2023 to 2024 for 401(k)/403(b)/457 Plans, HSA, FSA, IRA, Roth IRA, Social Security Wage Base and Annual Gift-Tax Exclusion Amount (to be used for 529-Plan contributions):

Contribution changes for 2024