|
ESTATE & GIFT TAX |
|
Calendar |
Estate / GST tax |
Highest estate |
Year |
transfer exemption |
and gift tax rate |
2023 |
$ 12,920,000 |
40 % |
2024 |
$ 13,610,000 |
40 % |
Gift tax : Annual Gift Limitation of $ 18,000 for 2024
EDUCATION-RELATED TAX BENEFITS
Coverdell Educational Savings Accounts Annual Contribution Limit $ 2,000 Contribution phase-out based on modified AGI Married Filing Jointly $ 190,000 – 220,000 All Others 95,000 – 110,000
Student Loan Interest Deduction Maximum interest deduction $ 2,500 Deduction phase-out based on modified AGI Married Filing Jointly $ 155,000 – 185,000 All Others 75,000 – 90,000
American Opportunity Tax Credit Maximum Credit $ 2,500 Credit phase-out based on modified AGI Married Filing Jointly $ 160,000 – 180,000 All Others 80,000 – 90,000
Fast Tax Facts
2024
Lifetime Learning Credit Maximum Credit $ 2,000 Credit phase-out based on modified AGI Married Filing Jointly $ 160,000 – 180,000 All Others 80,000-90,000
Thanks to Brooke Sigler , CPA , and Matthew Whipple , CPA of Windes ( windes . com ), as well as the FTB ( ftb . ca . gov ) for compiling this information .
Important Phone Numbers
Tax Practitioner Hotlines IRS Priority Service ( 866 ) 860-4259 FTB ( 916 ) 845-7057 FTB Fax ( 916 ) 845-9300 FTB e-file ( 916 ) 845-0353 EDD ( 888 ) 745-3886 CDTFA ( 800 ) 401-3661
Application for Taxpayer ID Number Federal Form SS-4 Online : irs . gov / businesses Federal Form SS-4 Fax ( 855 ) 641-6935 EDD Form DE 1 Fax ( 916 ) 654-9211 EDD Form DE 1 Online : https :// edd . ca . gov / payroll _ taxes / save _ time _ and _ register _ online . htm adindex
For more information about products and services catered to the CPA community , visit calcpa . org / membership / exclusive-savings .
COMPANY PAGE URL CalCPA C2 calcpa . org / CALTalks
CalCPA |
11 |
calcpa . org / advertisingsponsorships |
|
|
/ media-kit |
CalCPA 19 cpajobs . calcpa . org CalCPA C3 calcpa . org / aac CalCPA C4 calcpahub . org
CalCPA Health |
8 |
calcpahealth . com / |
|
|
MembersOE |
COMPANY PAGE URL CPA Charge 6 cpacharge . com / calcpa Mercury Insurance 1 mercuryinsurance . com / calcpa ODP 7 odpbusiness . com / calcpa
Suitefiles |
9 |
suitefiles . com / |
|
|
calcpa-offer-page |
Wolters Kluwer |
5 |
EngageTax . WoltersKluwer . com / |
|
|
CalCPAReferralProgram |