2024 Federal Income Tax Changes

Overview

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2024 as a result of passage of the SECURE Act 2.0 and the inflation-changed limits effective for 2024 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.

Learning Objectives

Upon completion of this course, students should be able to:

  • pinpoint the 2024 changes in various amounts including the:
    • standard mileage rates
    • standard deduction
    • AMT exemption amount
    • limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses
    • deductions for qualified long-term care insurance premiums
  • identify the 2024 tax credit changes affecting the:
    • Saver's credit,
    • Additional Child Tax Credit
    • Earned income credit
    • Adoption credit
  • recognize the 2024 changes affecting:
    • Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits
    • Roth IRA eligibility
    • traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans
  • pinpoint the changes effective for 2024 with respect to the:
    • small employer premium tax credit
    • applicable large employer mandate
  • determine the changes to retirement plans resulting from the Secure Act 2.0 that affect income tax preparation

Tax Year: 2024

Designed For

CPAs, EAs, and tax professionals at any level of their career

Advanced Preparation

None

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