Year End Tax Information
Current Year Engagement Letter
Client Organizer
Client Questionnaire
E-File & Direct Deposit Authorization Forms
Current Year Tax Tables
Single | Married, Filling Jointly | Head of Household | Married, Filing Separate | |
10% Tax Rate | $0 – $11,000 | $0 – $22,000 | $0 – $15,700 | $0 – $11,000 |
12% Tax Rate | $11,001 – $44,725 | $22,001 – $89,450 | $15,701 – $59,850 | $11,001 – $44,725 |
22% Tax Rate | $44,726 – $95,375 | $89,451 – $190,750 | $59,851 – $95,350 | $44,726 – $95,375 |
24% Tax Rate | $95,376 – $182,100 | $190,751 – $364,200 | $95,351 – $182,100 | $95,376 – $182,100 |
32% Tax Rate | $182,101 – $231,250 | $364,201 – $462,500 | $182,101 – $231,250 | $182,101 – $231,250 |
35% Tax Rate | $231,251 – $578,125 | $462,501 – $693,750 | $231,251 – $578,100 | $231,251 – $346,875 |
37% Tax Rate | $578,126 + | $693,751 + | $578,101 + | $346,876 + |
FILING STATUS | STANDARD DEDUCTION |
Single | $13,850 |
Married Filing Jointly or Qualifying Widow(er) | $27,700 |
Married Filing Separately | $13,850 |
Head of Household | $20,800 |
Retirement Contribution Limits
This chart lists the maximum amounts individuals are permitted to contribute to their retirement plans each year. | |||
Maximum Dollar Limits | 2024 | 2023 | 2022 |
Annual employee contribution limit for 401(k), 403(b), or 457 savings plans | $23,000 | $22,500 | $20,500 |
Annual catch-up contribution limit for 401(k), 403(b) or 457 savings plans if employee is age 50 or over | $7,500 | $7,500 | $6,500 |
Maximum annual benefit payable by a defined benefit pension plan | $275,000 | $265,000 | $245,000 |
Annual limit for combined employer – employee contributions to a defined contribution plan | $69,000 | $66,000 | $61,000 |
Annual contribution limit to an Individual Retirement Account for individuals | $7,000 | $6,500 | $6,000 |
Annual catch-up contribution limit for Individual Retirement Accounts for individuals age 50 or over | $1,000 | $1,000 | $1,000 |
Annual employee contribution for SIMPLE plans | $16,000 | $15,500 | $14,000 |
Annual catch-up employee contribution for SIMPLE plans if employee is age 50 and over | $3,500 | $3,500 | $3,000 |
Maximum amount of wages taxable by Social Security | $168,600 | $160,200 | $147,000 |
Current Year Education Credit Information
2023 – Education Incentives & Phaseouts | ||||||
(Schedule provided for your review as to opportunities available based on your income – same expenses cannot be used for more than one program) | ||||||
American Opportunity Credit (formerly Hope Credit) | Lifetime Learning Credit | Penalty-free withdrawals from regular and Roth IRAs | Scholarships | Employer Provided Educational Assistance Plan | U.S. Savings Bond Proceeds | |
Phase-out | Single: AGI $80,000 – $90,000 Married Filing Joint: AGI $160,000 – $180,000 | Single: AGI $80,000 – $90,000 Married Filing Joint: AGI $160,000 – $180,000 | None | None | None | Single: AGI $91,850 – $106,850 Married Filing Joint: AGI $137,800 -$167,800 |
Comment | Available first four years of college; $2,500 maximum per yr. per half-time student 40% can be refundable | Available indefinitely; $2,000 maximum per year per taxpayer; nonrefundable | Withdrawals from regular IRAs are generally subject to income tax but not to 10% early withdrawal penalty | Excludible from gross income as long as degree program & no services performed | Excludible from gross income up to $5,250. Extreme restrictions on plan | Interest income may be excludible from gross income. Bonds must have been issued after 1989 |
Student Loan Interest Deduction | Qualified State Tuition Program | Coverdell Education Savings Account (Education IRA) | ||||
Phase-out | Single: AGI $75,000 – $90,000 Married Filing Joint: AGI $150,000 – $180,000 | None | Single: AGI $95,000-110,000 Married Filing Joint: AGI $190,000 – $220,000 | |||
Comment | $2,500 maximum deduction per year from AGI | Earnings used for education purposes will generally not be taxable in tax years beginning after 2001 | $2,000 per year per beneficiary nondeductible contribution. Beneficiary must be less than 18. Asset of parent for financial aid |