Your Interactive 2024 Tax Guide
Navigate key tax changes with interactive tools. This guide, based on IRS Publication 17, simplifies standard deductions, retirement limits, and more for your 2024 tax return (filed in 2025).
Key Updates for the 2024 Tax Year
The IRS has adjusted several key figures for inflation. Here are the most important changes you need to know before you file.
Standard Deduction (Jointly)
$29,200
Up from $27,700 in 2023 for married couples filing jointly.
IRA Contribution Limit
$7,000
(+$1,000 catch-up if age 50+). Up from $6,500 in 2023.
401(k) Contribution Limit
$23,000
(+$7,500 catch-up if age 50+). Up from $22,500 in 2023.
1099-K Threshold
$5,000
For goods & services sold via third-party payment networks.
Standard Deduction Explorer
The standard deduction reduces the amount of income you have to pay taxes on. Most people have a choice between taking the standard deduction or itemizing. The amounts have increased for 2024. Use the chart and calculator below to see how the base deductions compare and find your specific amount.
Calculate Your 2024 Standard Deduction
Retirement Savings Guide
Saving for retirement is one of the best ways to lower your current tax bill. Contribution limits for popular retirement accounts have increased for 2024, allowing you to save more.
2024 Contribution Limits
Can You Deduct Your Traditional IRA?
Your ability to deduct contributions to a Traditional IRA depends on your income and whether you or your spouse are covered by a retirement plan at work. Use this tool to find out.
Powerful Tax Credits for 2024
Credits are more valuable than deductions because they reduce your tax bill dollar-for-dollar. Here are two major credits families and caregivers should not overlook.
Child Tax Credit (CTC)
$2,000 per child
For qualifying children under age 17 at the end of 2024. Up to **$1,700** of this credit may be refundable as the Additional Child Tax Credit (ACTC), meaning you can get it back even if you don't owe any tax.
- Child must have a Social Security Number valid for employment.
- You must claim the child as a dependent.
- Income limits apply.
Credit for Other Dependents (ODC)
$500 per dependent
A non-refundable credit for dependents who don't qualify for the CTC. This is useful for children age 17 or older, college students, or elderly relatives you support.
- Dependent must be a U.S. citizen, national, or resident alien.
- You must claim the person as a dependent.
- Income limits apply.
