Tax Year 2024 Key Amounts
Standard Deduction
– Married filing jointly — $29,200
– Single/Married filing separately — $14,600
– Head of household — $21,900
Additional for Elderly (over age 65)
– Married filing jointly — $1,650
– Single — $1,950
Child Tax Credit
– Credit — $2,000
– Maximum refundable — $1,700
– Phase-out — MFJ $400,000, Single $200,000
Other Dependents — $500 (nonrefundable credit)
Standard Mileage Rates
– Business — 67¢ per mile
– Medical — 21¢ per mile
– Charitable — 14¢ per mile
Tax Year 2025 Key Amounts
401(k) Contribution — $23,500
– Age 50 and older catch‐up — $7,500
IRA (Traditional & Roth)
– Maximum contribution — $7,000
– Age 50 and older catch‐up — $1,000
Health Savings Accounts (HSA)
– Individual contribution limit $4,300
– Family contribution limit $8,550
– Additional $1,000, if age 55 or older
Flexible Savings Accounts (FSA)
– Household limit — $3,300
– Carryover allowed — $660
Social Security Wage Base — $176,100
NYSSUI Wage Base — $12,800
Gift Tax Exclusion — $19,000