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The quarterly update for 12/31/2023 is a large update, affecting every calculator. The majority of the changes affect the functionality of the calculations, updating them to 2024 rules and regulations. The most significant calculation changes in this update were to the retirement, savings, and tax calculators. Additional changes have also been made to enhance the user interface and continue ADA refinement. All standard calculators meet accessibility specification WCAG 2.1 Level AA and Section 508.
All maintenance releases are cumulative, so if you apply this update, you will have all previous calculator updates as well. For your reference you can view the previous update notes here: 9/30/2023 Update.
For more detailed information please see our frequently asked questions: FAQ: V3 Frequently Asked Questions
If you are using our KJE Hosted deployment, you do not need to do anything to see the updates. We will refresh your package's KJE hosted files and the changes will automatically be pulled through to your site. You can test the files on your website as soon as you have received your update notice. Please let us know if you need any adjustments to colors, fonts or layout. We are here to help.
For more detailed information please see our deployment documentation: V3 Deployment Information. This deployment type requires you to download and install the latest update package.
When you test the new version of the calculators, make sure that the browser you are using uses the new files instead of any it may have in its cache. You may need to clear the browser's cache manually to ensure the new versions are loaded.
The V3 (HTML5/JavaScript) calculators do not require any edits or modifications to HTML pages, all changes are encapsulated within the JS files provided.
All calculators follow the ADA guidelines to meet accessibility guidelines WCAG 2.1 Level AA and Section 508. We will continue to monitor and update our software to maintain compliance and ensure any future compliance issues are resolved quickly. If you have a specific calculator on your site where you have a question please feel free to contact us. Over the past year all calculators have been tested and refined in our process of continual improvement of ADA support (often beyond what is required by the guidelines) this includes:
The IRS notices published in 2023 regarding the SECURE Act 2.0 passed in 2022 produced minor changes to the RMD calculators for account owners. Note that the calculators have used the new age required to begin distributions since Q1 2023. This update does not impact that part of the calculation. These changes were limited to definitions and the calculation notes. The changes better describe the finalaized RMD rules. Changes to certain ROTH plans no longer having RMDs is new for 2024.
| Required Minimum Distribution (RMD) | Use this calculator to determine your Required Minimum Distributions (RMD) as an account owner of a retirement account. This financial calculator will also look at potential future year's distribution requirements. |
|---|---|
| Required Minimum Distribution (RMD) - Current Year | Use this calculator to determine your Required Minimum Distributions (RMD) as an account owner of a retirement account for the current year. |
| Required Minimum Distribution (RMD) - Future Projection | Use this calculator to create a projection of your future Required Minimum Distributions (RMD) as an owner of a qualified retirement account. |
| Required Minimum Distribution (RMD) - with Stretch Projection | Use this calculator to create a stretch projection for Required Minimum Distributions (RMD) of a qualified retirement account. |
| Required Minimum Distribution (RMD) - Year To Begin | Use this calculator to determine calculate when your Required Minimum Distributions (RMD) must begin to avoid penalties. If distributions are required to have been started, it will also calculate the current year RMD. |
| RMD & Stretch IRA Calculator | Use this calculator to create a stretch projection for Required Minimum Distributions (RMD) of a qualified retirement account. |
Please enter the plan type. It is a factor in determining if an RMD is required. If you choose a ROTH IRA plan type, no RMD has ever been required. All other ROTH plan types follow the normal RMD rules through 2023. ROTH plans of all types have eliminated RMDs for years 2024 and later. Other plan types are used for descriptive purposes only and do not impact any calculations.
This calculator has been updated for 2024 to include 'SECURE 2.0' and IRS Notices from 2023. SECURE 2.0 increases the age of Required Minimum Distribution (RMD) for account owners. Secure 2.0 did not change how the RMD is calculated; it only changed the age that they start. These rules took effect January 1st, 2023.
| Birthdate | Age* |
|---|---|
| Account owners born on or before 6/30/1949 | 70 1/2* |
| 7/1/1949 through 12/31/1950 | 72* |
| 1/1/1951 through 12/31/1959 | 73* |
| Account owners born on or after 1/1/1960 | 75* |
| *Age of account owner as of 12/31 of the distribution year. This RMD chart only applies to the original account owner or a spouse who chooses to treat their inherited account as their own. | |
The CARES Act of 2020 provided a temporary waiver of RMDs. The RMD waiver is for retirement plans and accounts for 2020. This includes direct contribution plans such as 401k, 403b, 457b plans and IRAs. RMDs were also waived for IRA owners who turned 70 1/2 in 2019 and were required to take an RMD by April 1, 2020.
If you have RMD questions, please consult with your own tax advisor regarding your specific situation. If you are under 75 and this RMD is from a 403(b) plan, you may not be required to take distributions on the balance in your account before 1987 until you reach age 75. You may need to contact a financial planner or CPA to determine if this exception applies to your RMD.
IMPORTANT! This calculator has been updated for the Secure 2.0 (2022), SECURE Act of 2019 and the CARES Act of 2020 and IRS Notices regarding these acts from 2023. Future IRS published procedures may have an impact on enforcement and interpretation of these Acts.
Beneficiary Required Minimum Distributions (RMD) - Advanced Options:
| Beneficiary Required Minimum Distributions (RMD) - Advanced Options | This calculator allows you to choose different RMD options to create a projection of your future Required Minimum Distributions (RMD). Choices include "Eligible Designated Beneficiary", minor child of an account owner, spouse option, 10-year distribution rule or standard RMD calculation. |
|---|
This update provided finalized versions for the IRS Notices from 2023 regarding definitions and implementation of the 10-year RMD rule. This update also provided for an integrated calculator that replaces the former Designated Eligible Beneficiary calculator. The new version (which is a drop in replacement) allows for selection of the following beneficiary types:
| Non-spouse choosing longest distribution time-frame | Calculate the non-spouse and non-Eligible Designated Beneficiary option that allows for the longest time-frame for distributions. This includes the ability to spread distributions over the beneficiary's life expectancy if they are not more than 10 years younger than the account owner. |
|---|---|
| Person choosing 10-year RMD rule (if available) | Calculate using the 10-year RMD rule even if other options may be possible. If the account owner died on or before 12/31/2019, the 10-year RMD rule is not an available option and the pre-SECURE Act rules for a non-spouse will be used. |
| Surviving spouse | This option will treat the inherited account as the spouse's own account. Distributions will not be required until they reach the RMD required start date for their birthdate. |
| Disabled or chronically ill person | This option treats the individual as an Eligible Designated Beneficiary. Distributions are extended over the beneficiary's life expectancy using the pre-SECURE Act rules. |
| Account owner's child | This option treats the individual as an Eligible Designated Beneficiary up to and including the year the beneficiary turns 21. The year after they attain the age of 21 the 10-year RMD rule will apply. In this situation RMDs based on the beneficiaries life expectancy are required during the 10-year RMD rule period. |
IMPORTANT! This calculator has been updated for SECURE 2.0 of 2022, the SECURE Act of 2019, the CARES Act of 2020 and IRS Notices through December 31st, 2023. Future IRS notices, updated rules and procedures may have an impact on enforcement and interpretation of these Acts and notices.
This calculator is designed for the SECURE Act of 2019 new RMD rules that apply to non-spouse Designated Eligible Beneficiaries as part of The SECURE Act of 2019. Using the additional RMD options available is a choice made when the account is inherited. Non-spouse Eligible Designated Beneficiaries include a child of the account owner that is under age 21 or are permanently disabled. A child, once they reach 21, is no longer considered an Eligible Designated Beneficiary and the 10-year distribution rule will apply starting in the year they turn 21. For more information please see Modification of Required Distribution Rules for Designated Beneficiaries.
This calculator uses the pre-SECURE Act rules when an original account owner died on or before 12/31/2019.
The pre-SECURE Act RMD calculations are used if the beneficiary is 10 or less years younger than the original account owner or an if the beneficiary is classified as an Eligible Designated Beneficiaries.
The SECURE Act of 2019 doesn't change a spouse's option to treat inherited account as his or her own. In this case, no distributions are required until the year in which the spouse reaches age 75 (or 70 1/2 if you were born before 7/1/1949, 72 if you were born 7/1/1949 to 12/31/1951, 73 if you were born 1/1/1951 to 1/1/1960). This calculator assumes that a spouse will wish to treat an inherited IRA as their own.
If the account owner was younger than the beneficiary, and it was past the required begin date for required minimum distributions when the account owner died, the beneficiary can choose to use the account owner's life expectancy to calculate Required Minimum Distributions (RMD). In this special case, the result will always produce a lower RMD. If this situation occurs, this calculator will use the account owner's age to determine the applicable life expectancy when calculating RMDs.
A proposed rule for the SECURE Act was released on February 23, 2022. When finalized the new rule will change the way the RMDs are treated for non-spouse Designated Beneficiaries that use the SECURE Act 10-year rule for distributions. Originally the required distributions under the 10-year rule required all funds to be withdrawn by the end of the year following the 10th anniversary of the account owner's death without regard to RMDs.
The proposed rule requires a beneficiary to withdraw an RMD for year 1 through 9 if the original account owner had already begun taking RMDs themselves. The remainder would then be required to be withdrawn in its entirety in year 10. This calculator follows the proposed rule with RMDs for year 1 through 9 if the account owner had required distributions before their death. All remaining funds are then required to be withdrawn in year 10. However, IRS Notice 2023-54 eliminated the penalties for not taking this RMD in 2020 through 2023. It is strongly advised you seek professional guidance in all RMDs and especially with beneficiary RMDs.
This calculator only applies to the first-generation beneficiary not a second-generation beneficiary. In the event of the first beneficiary's death, the second beneficiary should contact their own tax advisor for information on the appropriate RMD calculation.
For non-spouse beneficiaries the IRS Single Life Expectancy table value is found the beneficiary's age on December 31st of the year following the owner's death. Future distributions subtract one for each year that has passed from the original life expectancy. It is not allowed to lookup or "recalculate" a new starting life expectancy after distributions have begun. This calculator assumes that a surviving spouse will choose to treat the inherited account as their own. In this situation the IRS Uniform Life Expectancy table is used. A spouse recalculates their life expectancy each year by looking up the value in the IRS Uniform Life Expectancy table based on that year's age.
If the account owner was younger than the beneficiary, and it was past the required begin date for distributions when the account owner died, the beneficiary can choose to use the account owner's life expectancy to calculate Required Minimum Distributions (RMD). In this special case, the result will always produce a lower RMD. If this situation occurs, this calculator will use the account owner's age when calculating RMDs. Other than using the account owner's age at death, the calculation is identical.
Beneficiary Required Minimum Distribution SECURE Act updates: Calculation notes have been updated on all calculators to better describe the calculation requirements for the SECURE Act.
| Beneficiary Required Minimum Distribution (RMD) - Current Year | Use this calculator to determine your Beneficiary Required Minimum Distributions (RMD) of a retirement account for the current year. |
|---|---|
| Beneficiary Required Minimum Distributions (RMD) | Use this calculator to determine your Required Minimum Distributions (RMD) as a beneficiary of a retirement account. |
This calculator follows the SECURE Act of 2019 Required Minimum Distribution (RMD) rules. If you have questions, please consult with your own tax advisor regarding your specific situation.
Use this calculator if any of the following apply:
This calculator is not designed for the additional RMD options are available to non-spouse Designated Eligible Beneficiaries for years 2020 and after. Non-spouse Eligible Designated Beneficiaries include a child of the account owner that is under age 21 or are permanently disabled. A child, once they reach 21, is no longer considered an Eligible Designated Beneficiary and the 10-year distribution rule will apply starting in the year they turn 21. For more information please see Modification of Required Distribution Rules for Designated Beneficiaries.
IMPORTANT! This calculator has been updated for SECURE 2.0 of 2022, the SECURE Act of 2019, the CARES Act of 2020 and IRS Notices through December 31st, 2023. Future IRS notices, updated rules and procedures may have an impact on enforcement and interpretation of these Acts and notices.
The SECURE Act of 2019 new RMD rules are used when an account owner dies after 12/31/2019. The pre-SECURE Act rules apply for account owners who died on or before 12/31/2019.
The pre-SECURE Act RMD calculations are used if the beneficiary is 10 or less years younger than the original account owner or an if the beneficiary is classified as an Eligible Designated Beneficiaries.
The SECURE Act of 2019 doesn't change a spouse's option to treat inherited account as his or her own. In this case, no distributions are required until the year in which the spouse reaches age 75 (or 70 1/2 if you were born before 7/1/1949, 72 if you were born 7/1/1949 to 12/31/1951, 73 if you were born 1/1/1951 to 1/1/1960). This calculator assumes that a spouse will wish to treat an inherited IRA as their own.
If the account owner was younger than the beneficiary, and it was past the required begin date for required minimum distributions when the account owner died, the beneficiary can choose to use the account owner's life expectancy to calculate Required Minimum Distributions (RMD). In this special case, the result will always produce a lower RMD. If this situation occurs, this calculator will use the account owner's age to determine the applicable life expectancy when calculating RMDs.
A proposed rule for the SECURE Act was released on February 23, 2022. When finalized the new rule will change the way the RMDs are treated for non-spouse Designated Beneficiaries that use the SECURE Act 10-year rule for distributions. Originally the required distributions under the 10-year rule required all funds to be withdrawn by the end of the year following the 10th anniversary of the account owner's death without regard to RMDs.
The proposed rule requires a beneficiary to withdraw an RMD for year 1 through 9 if the original account owner had already begun taking RMDs themselves. The remainder would then be required to be withdrawn in its entirety in year 10. This calculator follows the proposed rule with RMDs for year 1 through 9 if the account owner had required distributions before their death. All remaining funds are then required to be withdrawn in year 10. However, IRS Notice 2023-54 eliminated the penalties for not taking this RMD in 2020 through 2023. It is strongly advised you seek professional guidance in all RMDs and especially with beneficiary RMDs.
The current calculators have an updated definition for changes that take place starting in 2025 for additional catch-up contributions for people ages 60 to 63 and the 2026 Roth contribution requirement for high income individuals. Below is the new definition that appears when the contribution limit appears in a calculator. Calculation changes, which impact retirement savings plan's contribution amount, will be implemented as the changes go into effect and as the new rules are further clarified by pending IRS rule finalization and clarification.
This is the percentage of your annual salary you contribute to your 401(k) plan each year. Your annual 401(k) contribution is subject to maximum limits established by the IRS. The annual maximum for 2024 is $23,000. If you are age 50 or over, a 'catch-up' provision allows you to contribute an additional $7,500 into your account. The SECURE 2.0 Act of 2022 increases the catch-up contribution beginning in 2025 for individuals age 60 to 63 to 50% of the standard contribution limit. Beginning in 2026 catch-up contributions must be made as Roth contributions for individuals making more than $145,000 (adjusted for inflation) in the previous year. The current calculator does not include the future catch-up contribution limit or Roth requirement which are subject to pending IRS rule finalization and clarification.
Employees classified as 'Highly Compensated' (those employees who either earn over $155,000 in 2024 or own more than 5% of the company) may be subject to a lower annual contribution limit due to the rate of participation of Non-highly Compensated employees versus Highly Compensated employees during the year.
New definition:
The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2023, had an annual compounded rate of return of 15.2%, including reinvestment of dividends. From January 1, 1970 to December 31st 2023, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.9% (source: www.spglobal.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.
It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.
New definition Spanish Definition:
Es la tasa compuesta anual de rendimiento que usted prevé lograr con sus ahorros o inversiones. La tasa de rendimiento real depende en gran parte de los tipos de inversiones que usted escoja. En los 10 años que terminaron el 31 de diciembre de 2023, el Índice Standard & Poor's 500® (S&P 500®) tuvo una tasa compuesta anual de rendimiento de 15.2%, incluyendo la reinversión de los dividendos. Del 1o de enero de 1970 al 31 de diciembre de 2023, el promedio de la tasa compuesta anual de rendimiento de S&P 500®, incluyendo la reinversión de los dividendos, fue aproximadamente 10.9% (fuente: www.spglobal.com). Desde 1970, el mayor rendimiento en un período de 12 meses fue 61% (junio de 1982 a junio de 1983). El menor rendimiento en un período de 12 meses fue -43% (marzo de 2008 a marzo de 2009). Las cuentas de ahorro en una institución financiera pueden pagar tan poco como el 0.25%, o incluso menos, pero tienen un riesgo mucho menor de pérdida del capital.
Es importante recordar que éstos son casos hipotéticos y que las tasas futuras de rendimiento no se pueden predecir con certeza, y que las inversiones que pagan mayores tasas de rendimiento generalmente están sujetas a mayor riesgo y volatilidad. La tasa real de rendimiento en las inversiones puede variar mucho a lo largo del tiempo, especialmente en inversiones a largo plazo. Esto incluye la potencial pérdida del capital de su inversión. No es posible invertir directamente en un índice, y la tasa compuesta de rendimiento que se menciona arriba no refleja cargos de ventas y otros gastos y honorarios que pueden cobrar los fondos de inversión y/o empresas de inversión.
This affects the following 66 calculators:
The actual rate of return is largely dependent on the type of investments you select. For example, the total return including dividends of the S&P/TSX Composite Index for the 10 year period from December 31, 2013 through December 31, 2023 was 8.6% (source www.spglobal.com). Savings accounts at a bank or credit union may pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
The CPI-U for the 12 months ending October 31st 2023 was reported by the U.S. Bureau of Labor Statistics as 3.1% (the annualized rate), not a large of enought change to affect the long term average. The long-term average remains 3.0%. The new definition now reads:
This is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2023 the CPI has a long-term average of 3.0% annually. Over the last 40 years the highest CPI recorded was 13.5% in 1980. For the 12 months ending October 31st 2023 the CPI for All Urban Consumers (CPI-U) was 3.1% as reported by the U.S. Bureau of Labor Statistics.
For Spanish the definition now reads as:
Es la tasa de inflación que usted prevé como promedio a largo plazo. Una medida común de inflación en Estados Unidos es el Índice de precios al consumidor (CPI por sus siglas en inglés). De 1925 a 2022 el CPI tiene un promedio a largo plazo del 3.0% anual. En los últimos 40 años el CPI más alto fue 13.5% en 1980. En el 2023, el último año completo disponible, el CPI fue 3.1% anual, según La Oficina de Estadìsticas Laborales o Bureau of Labor Statistics (BLS - por sus siglas en inglès).
This affects the following 25 calculators (and all associated Spanish versions):
Calculations and definitions updated for 2024. The calculations use the 2024 FICA income limit of $168,600 with an annual maximum Social Security benefit of $45,864 ($3,822 per month) for a single person and 1.5 times this amount for a married couple. These are the benefit amounts the age of full retirement, delaying retirement beyond full retirement age can increase the benefit. Please see https://www.ssa.gov/news/press/factsheets/colafacts2024.pdf for more information.
These changes affect the following calculators (and associated Spanish versions):
| Name | HTML File Changed |
|---|---|
| Social Security Benefit Calculator | SocialSecurity.html |
| How important is Social Security? | NoSocial.html |
| Retirement Planner Calculator | RetirementPlan.html |
| Retirement Pension Planner Calculator | RetirementPlan3.html |
| Retirement Nestegg Calculator | RetirementNestegg.html |
| Retirement Income Calculator | RetirementNumber.html |
| Retirement Planner with Retirement Earnings Calculator | RetirementPlan4.html |
| Retirement Planner with Taxes for a Deferred Retirement Savings Plan | RetirementPlan5.html |
| Quickly determine if your retirement plan is on track - and learn how to keep it there. | RetirementPlan6.html |
| Retirement Planner for Two Working Spouses | RetirementPlanTwoIncomes.html |
| Planner for Two Working Spouses with Different Retirements | RetirementPlanWorkingSpouses.html |
| Beneficios del Seguro Social | SPSocialSecurity.html |
| ¿Cuán importante es el Seguro Social? | SPNoSocial.html |
| Planificador para Jubilación | SPRetirementPlan.html |
| Planificador de Retiro | SPRetirementPlan3.html |
The definitions of Social Security in each of these calculators has been updated to the following:
Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits automatically increase each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that only one spouse works. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice – once for each spouse and their respective income. This calculator provides only an estimate of your benefits.
The calculations use the 2024 FICA income limit of $168,600 with an annual maximum Social Security benefit of $45,864 ($3,822 per month) for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA income for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birthdate). This calculator rounds the age you can receive full Social Security benefits to the next highest full year. If your birthdate is in 1955 through 1959 your actual full retirement age for Social Security is 66 plus two months for each year after 1954. Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.
For Spanish versions:
El Seguro Social está basado en una escala móvil en base a sus ingresos, a cuánto tiempo trabaja y a qué edad se jubila. Los beneficios del Seguro Social aumentan automáticamente todos los años en base a los aumentos del Índice de Precios al Consumidor. El incluir a un cónyuge aumenta sus beneficios del Seguro Social en 1.5 veces el cálculo de su beneficio individual. Note que esta calculadora asume que sólo uno de los cónyuges trabaja. Los beneficios podrían ser diferentes si su cónyuge ha trabajado y ganado un beneficio que es más de la mitad de su beneficio. En el caso de un matrimonio en el que ambos cónyuges trabajan, podría tener que hacer el cálculo dos veces - una por cada cónyuge con su respectivo ingreso. Esta calculadora sólo provee un cálculo aproximado de sus beneficios.
En las calculaciones se utiliza el límite de ingreso 2024 FICA (Ley de la Contribución Federal al Seguro Social) de $168,600 con un beneficio anual máximo del Seguro Social de $45,864 ($3,822 por mes) para una persona soltera, y esa cantidad multiplicada por 1.5 para un matrimonio. Para recibir el beneficio máximo, usted tendría que haber ganado el salario máximo FICA por casi toda su carrera. También tendría que comenzar a recibir beneficios a su plena edad de jubilación de 66 ó 67 años (dependiendo de su fecha de nacimiento). Esta calculadora redondea su plena edad de jubilación para recibir beneficios del Seguro Social al siguiente año completo. Si su fecha de nacimiento es entre 1955 y 1959, el Seguro Social considera que su plena edad de jubilación es 66 más dos meses por cada año después de 1954. Su beneficio real podría ser menor o mayor, dependiendo de su historial de trabajo y las reglas completas de compensación que usa el Seguro Social.
The tax table has been updated on the following calculators and all associated Spanish versions (replacing the 2023 Federal Tax Table).
| Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 10% | $0 - $23,200 | $0 - $11,600 | $0 - $16,550 | $0 - $11,600 |
| 12% | $23,200 - $94,300 | $11,600 - $47,150 | $16,550 - $63,100 | $11,600 - $47,150 |
| 22% | $94,300 - $201,050 | $47,150 - $100,525 | $63,100 - $100,500 | $47,150 - $100,525 |
| 24% | $201,050 - $383,900 | $100,525 - $191,950 | $100,500 - $191,950 | $100,525 - $191,950 |
| 32% | $383,900 - $487,450 | $191,950 - $243,725 | $191,950 - $243,700 | $191,950 - $243,725 |
| 35% | $487,450 - $731,200 | $243,725 - $609,350 | $243,700 - $609,350 | $243,725 - $365,600 |
| 37% | Over $731,200 | Over $609,350 | Over $609,350 | Over $365,600 |
| *Caution: Do not use these tax rate schedules to figure 2023 taxes. Use only to figure 2024 estimates. Source: Rev. Proc. 2023-48 | ||||
| Filing Status | Standard Deduction |
|---|---|
| Married Filing Joint | $29,200 |
| Qualified Widow(er) | $29,200 |
| Single | $14,600 |
| Heads of Household | $21,900 |
| Married Filing Separately | $14,600 |
For Spanish versions:
| Tasa Contributiva | Casado rindiendo juntos o Viudo | Soltero | Jefe de familia | Casados declarando separadamente |
|---|---|---|---|---|
| 10% | $0 - $23,200 | $0 - $11,600 | $0 - $16,550 | $0 - $11,600 |
| 12% | $23,200 - $94,300 | $11,600 - $47,150 | $16,550 - $63,100 | $11,600 - $47,150 |
| 22% | $94,300 - $201,050 | $47,150 - $100,525 | $63,100 - $100,500 | $47,150 - $100,525 |
| 24% | $201,050 - $383,900 | $100,525 - $191,950 | $100,500 - $191,950 | $100,525 - $191,950 |
| 32% | $383,900 - $487,450 | $191,950 - $243,725 | $191,950 - $243,700 | $191,950 - $243,725 |
| 35% | $487,450 - $731,200 | $243,725 - $609,350 | $243,700 - $609,350 | $243,725 - $365,600 |
| 37% | Más de $731,200 | Más de $609,350 | Más de $609,350 | Más de $365,600 |
| *Cuidado: No utilice estas tasas contributivas para computar los impuestos del 2023. Solo utilizar para calcular estimados para el 2024. | ||||
NOTE: The actual tax calculators will be updated at the end of the tax season, in the 3/31/2024 update.
Have been finalized for 2024. All calculators were updated to indicate the new 2024 amounts. Income tax brackets and rates were updated to 2024. The calculators have also been enhanced to allow you to choose 2023 if you need to calculate for the previous year.
This table shows the limits for HSA's in 2024.
| 2024 | 2023 | Change | |
|---|---|---|---|
| HSA Contribution Limit | Single: $4,150 Family: $8,300 | Single: $3,850 Family: $7,750 | Single: +$300 Family: +$550 |
| HSA catch-up contributions* | $1,000 | $1,000 | No change, not indexed to inflation |
| HDHP minimum deductible | Single: $1,600 Family: $3,200 | Single: $1,500 Family: $3,000 | Self-only: +$100 Family: +$200 |
| HDHP maximum out-of-pocket** | Single: $8,050 Family: $16,100 | Single: $7,500 Family: $15,000 | Single: +$550 Family: +$1100 |
*Catch-up contributions can be made anytime during the year in which the participant turns 55. **This includes deductible amount, co-payments and other non-premium payments. | |||
This affects the following calculators:
| HTML File Changed | Name |
|---|---|
| HSABusiness.html | Health Savings Accounts (HSA) Employer Benefit |
| HSAContribution.html | Health Savings Account (HSA) Contribution Calculator |
| HSASavings.html | Health Savings Account (HSA) Savings Calculator |
| HSAvsTraditional.html | Health Savings Account (HSA) vs. Traditional Health Plan |
| HSAGoal.html | Health Savings Account (HSA) Goal Calculator |
| HSAGoal.html | Health Savings Account (HSA) vs. Traditional Total Savings Comparison |
Has been updated 2024 tax rules. This calculator is for 2024 tax calculations for taxes filed in April 2025. Minor changes have occurred to the definitions and the calculations, but there have been no additional input and output fields. The calculations use the 2024 FICA income limit of $168,600. (Note: the 2023 version of this calculator for 2023 taxes which are filed in April 2024 is available at this link 2022 Self-Employment Tax Calculator.)
Has been updated for changes in 2023. This is the final version of the 1040 tax form for 2023. (Note: the 2023 version of this calculator will be released 3/31/2024 which is for 2024 taxes which are filed in April 2025.)
This update includes: removal of the $300 ($600 married filing jointly) charitable cash deduction for those do not itemize their taxes.
This calculator has been finalized for the 2023. Minor changes have occurred to the definitions and the calculations. (Note: the 2024 version of this calculator will be released 3/31/2024 which is for 2024 taxes which are filed in April 2025.)
This calculator has been finalized for the 2023. Minor changes have occurred to the definitions and the calculations. (Note: the 2023 version of this calculator will be released 3/31/2023 which is for 2023 taxes which are filed in April 2024.)
Has been updated for changes in 2023. Minor changes have occurred to the definitions and the calculations. Note: the 2024 version of this calculator will be released 3/31/2024 for 2024 taxes which are filed in April 2025.
The definitions have been updated, the current definition is as follows:
In January of 2022, Notice 2022-6 specified a change to what is considered an acceptable interest rate when calculating distributions. Previously the rule set the maximum rate at 120% of the Federal Mid-Term rate. The new rule makes 5% the maximum unless the 120% of the Federal Mid-Term exceeds that amount. The Federal Mid-Term rate to use can be from either of the two months immediately preceding the month in which the distribution begins.
For January 2024, 120% of the Federal Mid-Term rate 5.25%. Click here for more information about Federal Interest rates.
It is important to note that the associated law that created 72(t)/(q) distributions did not define what was to be considered a reasonable interest rate. As such, the guidance from the IRS generally flows from the concept that they will not allow people to circumvent the requirement of substantially equal periodic payments (SEPP) throughout your lifetime by using an unreasonably high interest rate.
This calculator has been updated for 2024. Contribution limits have increased to $69,000 per year. Definitions and information have been updated to reflect the calculator is current for 2024. s
This calculator has been updated for 2024, 401(k) contribution maximum increased $500 to $23,000. The total defined benefit contribution limit has increased to $69,000. Definitions and information have been updated to reflect the calculator is current for 2024. The new maximum annual contribution is:
This is the maximum amount you are allowed to contribute to your Individual 401(k) account per year. In 2024, the maximum contribution to an Individual 401(k) is $69,000 for individuals under 50, and for individuals age 50 and over there is an additional $7,500 catch-up contribution. Self-employment income of $230,517 or more is required to qualify for the maximum contribution in 2024.
If you earn less than $243,715 in 2024, your maximum is calculated as follows: First, as the employee, you are able to contribute up to $23,000 in 2024 to your Individual 401(k) or 100% of your self-employment income, whichever is less. For individuals age 50 or over, an additional $7,500 catch-up contribution increases this portion of your contribution to $30,500, but is still limited to no more than 100% of your earned income. Second, you are allowed employer contributions - even though self-employed people are in-fact their own employee. Employer contributions, for the self-employed, are limited to an additional 25% of adjusted net business profits, up to the maximum total amount allowed per year.
It is important to note that you may be subject to additional contribution limitations if you participate in an additional retirement program through another employer. For 2024, total retirement plan contributions are limited to $69,000 or 100% of your total compensation for the year ($76,500 if age 50 or older). This includes contributions to your Individual 401(k) as well as any other employer plan. It also includes profit matching and employer contributions. Contributions to a Traditional IRA or Roth IRA are not included in this limit. Catch-up contributions for individuals over 50 are not included in this limit.
The definitions and the calculation module have been updated to reflect the 2024 maximum contribution limits of $23,000 annually for those under 50 and $30,500 annually for those 50 and older. The Payroll withholding information has also been updated to 2024 rules and rates.
The Payroll withholding information has been updated to 2023 rules and rates.
This affects the following calculators:
| HTML File Changed | Name |
|---|---|
| Payroll Deduction Calculator with 457 Contributions | Use this calculator to help you determine the impact of changing your payroll deductions. |
| Payroll Deductions Calculator | Use this calculator to help you determine your net paycheck. This calculator uses the redesigned W-4 created to comply with the elimination of exemptions in the Tax Cuts and Jobs Act (TCJA). |
| Payroll Deductions Calculator W-4 with Exemptions | This calculator uses the W-4 with exemptions that was used before the Tax Cuts and Jobs Act (TCJA) compliant version was available. It is largely obsolete, but may be used if an employee has an older version W-4 filed with their employer (new W-4's will not use this version). |
| Payroll Deductions Comparison Calculator | Use this calculator to help you determine the impact of changing your payroll deductions. This calculator uses the redesigned W-4 created to comply with the elimination of exemptions in the Tax Cuts and Jobs Act (TCJA). |
| Payroll Flexible Spending Account (FSA) Calculator | Use this calculator to see how participating in Flexible Spending Account (FSA) contributions can help you pay less tax, and increase your net take home pay. |
| Payroll Hourly Paycheck Calculator | Use this calculator to help you determine your paycheck for hourly wages. |
| Payroll Net to Gross Calculator | Determine the gross paycheck needed to provide a required net amount. |
| 401(k) Contribution Effects on Your Paycheck Calculator | Use this calculator to see how increasing your contributions to a 401(k) plan can affect your paycheck as well as your retirement. |
| 457 Plan Contribution Effects on Your Paycheck Calculator | Use this calculator to see how increasing your contributions to a 457 plan can affect your paycheck as well as your retirement. |
| Retirement Contribution Effects on Your Paycheck Calculator | Use this calculator to see how increasing your contributions to a 401(k), 403(b) or 457 plan can affect your paycheck as well as your retirement. |
| Should my spouse work? | This calculator is designed to help you see the financial impact of having either one or two incomes for your household. |
| Cheque deducciones y retenciones | Utilice esta calculadora para ver los cambios en el cheque de pago con diferentes deducciones y retenciones. |
| Efectos de sus Aportaciones a su Jubilación sobre su Cheque de Paga | Utilice esta calculadora para ver el impacto que tiene sobre su cheque de paga y su jubilación el aumentar sus aportaciones al plan 401(k), 403(b) o 457. |
Definition updates as follows:
Your current year gross earnings that were subject to FICA taxes (Social Security tax and Medicare tax). This total should not include the current payroll period or any income from other sources or employers. We use this amount to determine if you are required to have Social Security tax or additional Medicare tax withheld for the current payroll period. Typically, this is your gross earnings minus employer paid health insurance and any Flexible Spending Account (FSA) contributions. In 2024, year-to-date earnings is not required or used for incomes under $168,600 per year, or if your current year-to-date earnings plus your current payroll does not exceed $168,600.
For 2024, Social Security tax is calculated as your gross earnings times 6.2%. For 2024, incomes over $168,600 that have already had the maximum Social Security tax of $10,453.20 withheld will not have additional withholding. Please note that if you have other wages or employers this calculator does not make any assumptions as to the total Social Security tax withheld for the current year other than the actual inputs for this calculator. This tax is also referred to as the Federal Insurance Contributions Act Old Age Survivors and Disability Insurance (FICA OASDI).
2024 Federal income tax withholding calculation:
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| $0 - $6,000 | $0.00 | |
| $6,000 - $17,600 | $0.00 | plus 10% of income over $6,000 |
| $17,600 - $53,150 | $1,160.00 | plus 12% of income over $17,600 |
| $53,150 - $106,525 | $5,426.00 | plus 22% of income over $53,150 |
| $106,525 - $197,950 | $17,168.50 | plus 24% of income over $106,525 |
| $197,950 - $249,725 | $39,110.50 | plus 32% of income over $197,950 |
| $249,725 - $615,350 | $55,678.50 | plus 35% of income over $249,725 |
| $615,350 - (no limit) | $183,647.25 | plus 37% of income over $615,350 |
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2024 | ||
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| $0 - $16,300 | $0.00 | |
| $16,300 - $39,500 | $0.00 | plus 10% of income over $16,300 |
| $39,500 - $110,600 | $2,320.00 | plus 12% of income over $39,500 |
| $110,600 - $217,350 | $10,852.00 | plus 22% of income over $110,600 |
| $217,350 - $400,200 | $34,337.00 | plus 24% of income over $217,350 |
| $400,200 - $503,750 | $78,221.00 | plus 32% of income over $400,200 |
| $503,750 - $747,500 | $111,357.00 | plus 35% of income over $503,750 |
| $747,500 - (no limit) | $196,669.50 | plus 37% of income over $747,500 |
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2024 | ||
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| $0 - $13,300 | $0.00 | |
| $13,300 - $29,850 | $0.00 | plus 10% of income over $13,300 |
| $29,850 - $76,400 | $1,655.00 | plus 12% of income over $29,850 |
| $76,400 - $113,800 | $7,241.00 | plus 22% of income over $76,400 |
| $113,800 - $205,250 | $15,469.00 | plus 24% of income over $113,800 |
| $205,250 - $257,000 | $37,417.00 | plus 32% of income over $205,250 |
| $257,000 - $622,650 | $53,977.00 | plus 35% of income over $257,000 |
| $622,650 - (no limit) | $181,954.50 | plus 37% of income over $622,650 |
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2024 | ||
The definition for tuition, room and board, and education cost inflation have been updated to include the average costs for the 2022-23 school year. The defaults have also been changed to reflect the new average cost for the 2022-23 school year and the average cost increases for tuition and room and board. The new information is show below:
The current estimated cost of one year of tuition and books. This amount should be per child and be specific to the school they may be interested in attending. The average published costs of college for the 2023-24 school year (including tuition, room and board, books, supplies, transportation and other personal expenses) as reported by the College Board:
| College Type | Tuition & Fees | Additional Expenses* | Total | Change from 2022-23 |
|---|---|---|---|---|
| Public 4-Year (in-state tuition) | $11,260 | $17,580 | $28,840 | $900 |
| Public 4-Year (out-state tuition) | $29,150 | $17,580 | $46,730 | $1,490 |
| Private 4-Year | $41,540 | $18,880 | $60,420 | $2,850 |
For the purposes of this calculator all expenses are assumed to be due at the end of the year.
This is the percentage that you expect educational costs to increase per year. Data provided by The College Board's "Trends in College Pricing 2023" reported tuition and fees increased approximately 4.8% annually over the past 30 years. 2023 saw a smaller increase of approximately 2%.
The definitions and the calculation module have been updated to reflect the 2024 maximum contribution limits of $23,000 annually for those under 50 and $30,500 annually for those 50 and older.
The definitions and the calculation module have been updated to reflect the 2024 maximum contribution limits of $23,000 annually for those under 50 and $30,500 annually for those 50 and older. The limitation used in the definition of highly compensated employee increased from $150,000 in 2023 to $155,000 for 2024.
The definitions and the calculation module have been updated to reflect the 2024 maximum contribution limits of $23,000 annually for those under 50 and $30,500 annually for those 50 and older.
The exemption amount has been increased to $13,610,000. This is $690,000 more 2023's $12,920,000. There was no change in the estate tax rate. The annual gift exclusion increased to $18,000 from $17,000.
| Year | Gift Exemption (Single Person) | Gift Exemption (Married Couple) |
|---|---|---|
| 2000 and prior | $10,000 | $20,000 |
| 2001-2005 | $11,000 | $22,000 |
| 2006-2008 | $12,000 | $24,000 |
| 2009-2012 | $13,000 | $26,000 |
| 2013-2017 | $14,000 | $28,000 |
| 2018-2021 | $15,000 | $30,000 |
| 2022 | $16,000 | $32,000 |
| 2023 | $17,000 | $34,000 |
| 2024 | $18,000 | $36,000 |
| 2025 and beyond | $18,000 plus inflation adjustment | $36,000 plus inflation adjustment |
These calculators have been updated to 2024 phase out ranges. For 2024 the maximum annual contribution is $7,000 per individual under 50 and $8,000 per individual over 50. These changes include updates to the calculation module as well as the definitions and the report.
The tables and text below has been updated:
| Tax Filing Status | Income Phase-Out Range |
|---|---|
| Married filing jointly or head of household | $230,000 to $240,000 |
| Single | $146,000 - $161,000 |
| Married filing separately | $0 - $10,000 |
| Tax Filing Status | Income Phase-Out Range |
|---|---|
| Married filing jointly | 123,000 - $143,000 |
| Single, Head of Household or Married Filing Separately (and have not lived with spouse for last year)* | $77,000 - $87,000 |
| Married filing separately* | $0 - $10,000 |
| Married filing jointly (spouse has employer plan, IRA owner does not)** | $230,000 - $240,000 |
An error has been fixed where no calculated solution was provided if the payments for installment loans was lower than the amount required to reduce the outstanding balance over time. An additional error was addressed when the new payment amount entered (by entering an additional monthly amount) over 200% of the original payment amount for the entered debt.