2024 tax facts & figures
Income tax brackets
MARRIED, FILING JOINTLY (MFJ)

SINGLEMARRIED, FILING SEPARATELY (MFS)

HEAD OF HOUSEHOLD (HOH)$0 - $23,200

10%$0 - $11,600

10%$0 - $11,600

10%$0 - $16,550

10%$23,201 - $94,300

12%$11,601 - $47,150

12%$11,601 - $47,150

12%$16,551 - $63,100

12%$94,301 - $201,050

22%$47,151 - $100,525

22%$47,151 - $100,525

22%$63,101 - $100,500

22%$201,051 - $383,900

24%$100,526 - $191,950

24%$100,526 - $191,950

24%$100,501 - $191,950

24%$383,901 - $487,450

32%$191,951 - $243,725

32%$191,951 - $243,725

32%$191,951 - $243,700

32%$487,451 - $731,200

35%$243,726 - $609,350

35%$243,726 - $365,600

35%$243,701 - $609,350

35%

Over $731,200

37%Over $609,350

37%Over $365,600

37%Over $609,350

37%Standard
deduction1

3.8% NIIT
thresholds 2

Capital loss
limit4Long-term capital gains/qualified dividend rates
0%

15%

20%

MFJ

$29,200$250,000$3,000$0 - $94,050$94,051 - $583,750

Over $583,750

SINGLE$14,600$200,000$3,000$0 - $47,025$47,026 - $518,900

Over $518,900

MFS$14,600$125,000$1,500$0 - $47,025$47,026 - $291,850

Over $291,850

HOH$21,900$200,000$3,000$0 - $63,000$63,001 - $551,350

Over $551,350

Estate tax per person5
Transfer tax rate
(maximum)40.00%

Estate tax exemption$13,610,000

Gift tax exemption$13,610,000

Generation-skippingtransfer exemption$13,610,000

Self-employment, kids & education
SELF-EMPLOYMENT TAXES
Income529 PLANS
Social Security

Medicare

FICA-HIUp to $168,600

12.4%

2.90%N/A$0 - $200,000 single or $250,000 MFJ

N/A

2.90%

N/A

Over $200,000 single or $250,000 MFJ

N/A

2.90%

0.90%

KIDDIE TAX
Kiddie tax exemption

SECURE Act change: The child’s parent’s marginal income tax rate (nottaxable trust tax rate) applies to unearned income of a child over $2,500.

Deduction limit$2,500Phaseout—single$80,000 - $95,000 MAGI3

Phaseout—MFJ$165,000 - $195,000 MAGI3

Blind, or age 65 or older: +$1,550 (Married); +$1,950 (Single or Head of Household)Net investment income tax3
Modified adjusted gross income (MAGI)
4
Maximum capital loss that can be deducted in a tax year, if your capital loss exceeds your capital gains.
5Rates are per person, unless filing jointly.
6
Federal Insurance Contributions Act-Hospital Insurance

Per Couple

Contributions peryear before gift tax$18,000$36,000

Accelerate 5 yearsof gifting into 1 year

$90,000$180,000

Primary school distributions per year: up to $10,000

STUDENT LOAN INTEREST$2,500Per Individual6

The named beneficiary on the 529 plan and each sibling can each
withdraw up to $10,000 to repay student loans (lifetime limit).

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Retirement
IRA AND ROTH IRACONTRIBUTIONSPHASEOUT FOR DEDUCTING IRACONTRIBUTION FOR QUALIFIED PLAN
PARTICIPANTS

PHASEOUT OF ROTH CONTRIBUTION
ELIGIBILITY
MFJ$230,000 - $240,000 MAGI3

Up to 25% ofcompensation

Single or HOH$146,000 - $161,000 MAGI3

To participate in SEP

Under age 50$7,000MFJ$123,000 - $143,000 MAGI3Age 50 and over

$8,000Single or HOH$77,000 - $87,000 MAGI3SEP CONTRIBUTION

Limit $69,000$750

SIMPLE elective deferral

Qualified plan contributions

Under age 50$16,000

401(k), 403(b), 457,and SARSEP - Underage 50$23,000

Highly-compensatedemployee income level$155,000

Limit on additions todefined contribution plan

$69,000

Age 50 and over

$19,500

401(k), 403(b), 457,and SARSEP - Age 50
and over$30,500

Annual compensation
taken into account for
qualified plans$345,000

Annual benefit limit ondefined benefit plan

$275,000

Taxable trust tax rates
IF TAXABLE INCOME IS:

THE TAX IS:

Not over $3,100

10% of the taxable income

Over $3,100 but not over $11,150$310 plus 24% of the excess over $3,100

Over $11,150 but not over $15,200$2,242 plus 35% of the excess over $11,150

Over $15,200$3,659 plus 37% of the excess over $15,200+
unearned income will qualify foran additional 3.8% NIIT

For more information:
Call Russell Investments at 800-787-7354 orvisit russellinvestments.com.

Source: IRS.gov as of 11/30/2023.
This material is not an offer, solicitation or recommendation to purchase any security.
Nothing contained in this material is intended to constitute legal, tax, securities, or investment advice,
nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.
The information, analyses and opinions set forth herein are intended to serve as general information
only and should not be relied upon by any individual or entity as advice or recommendations specific tothat individual entity. Anyone using these materials should consult with their own attorney, accountant,financial or tax advisor or consultants on whom they rely for investment advice specific to their own
circumstances.

Pass-through entity taxes

Alternative minimum tax (AMT)

An eligible individual taxpayer generally
may deduct 20% of domestic qualified
business income from a partnership, Scorporation, or sole proprietorship. There
are many qualifications and exemptions.
Be sure to consult with a tax advisor.

Exemptions - $133,300 for married,$85,700 for single and $66,650 for
married filing separately.
Phase-out of exemption begins at$1,218,700 for married taxpayers and$609,350 for others.

Many trusts have to pay tax on the income generated
from stocks, bonds, mutual funds, etc. that is not
distributed to the beneficiaries. Their tax rates aremuch more progressive than those paid by individuals.
Copyright © 2024 Russell Investments Group, LLC. All rights reserved. This material is proprietary andmay not be reproduced, transferred or distributed in any form without prior written permission from
Russell Investments. It is delivered on an “as is” basis without warranty.
Russell Investments’ ownership is composed of a majority stake held by funds managed by TA
Associates Management, L.P., with a significant minority stakes held by funds managed by Reverence
Capital Partners, L.P. Certain of Russell Investments’ employees and Hamilton Lane Advisors, LLC also
hold minority, non-controlling, ownership stakes
First used January 2019. Updated December 2023. RIFIS-25806 [Exp 01/25]

01-01-405 (01/24)

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