New Inflation-Adjusted Tax Brackets for 2024

Let's look at the IRS’ new inflation-adjusted tax brackets and how to use the changes to optimize your retirement.
Dave Zoller, CFP®

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[ricks]

What's not mentioned is an extra tax retirees have to pay on their social security by taking money from an IRA or 401K that is considered income (especially if husband and wife are drawing SS). This Social Security tax on income earned tax table is not being adjusted for inflation and percentage wise goes up every year. It can have a big effect on which savings to withdraw first. I haven't heard congress talking about addressing this insidious tax on retirees.

[ds]

Always a nice video. Let us know when you hear about when and whether social security will no longer be included in our federal taxable income! Thanks.

[rickdunn]

According to the most recent report issued in January 2023, the poverty threshold for a family of four is $29, 960. For an individual, the poverty threshold is $14, 891 WHY SHOULD THE GOVERNMENT TAKE ANY MONEY FROM THESE PEOPLE IN POVERTY? Please don't tell me so they can have skin in the game. Living in poverty and or trying to survive is not a game.

[brucesmith]

As the year progresses, we need to keep an eye on the expiration of Trump tax cuts at the end of 2025. How should that affect our planning now?

[michaeltollen]

Does this bracket adjustment raise or lower taxes for most people? Thanks.

[swamprat]

so they did not move the 22% up, which for middle America is the big one. That should have moved up to 55k at the least, 60k would be better.

[LeeParkchu]

My Dad had me a little late and he should be retired but the economy won’t let him. What would be the best route, Stock, a business or what.

[WhatAStramash]

Did the standard deduction change and is the additional deduction for over-65s changed?

[georgem]

Didn't see comparison to old tax bracket amounts. Did I miss it? Would have been nice because vid title implies you'd show that.

[travelingfool]

Is that pure income or is that adjusted income after standard deductions?
also what is the idea ratio for Roth/traditional, currently 30/70, retired early, still a bit for SS ( non full)? and at what point is the 'breakeven' point. (IE where return difference is debatable).

[mr.b]

Just tax everyone at a flat 10 or 15% no exceptions and call it a day!

[MsKinzel]

If u keep your CD over a year is it the same as passive income?

[HankColter]

Related, should you go in this order basically when pulling money out of the market for retirement: 1st Take long term capital gains on non-IRA accounts; 2nd Convert to Roth IRA or take a distribution from a traditional IRA; 3rd Take a distribution from an HSA if over age 65; 4th Take a distribution from a Roth IRA ?

[coastalhillbilly]

Great info 🙏
Inflation is mild considering FED added nearly 50% more dollars to our money system within a few years

[mattball]

Funny you mention 2022 inflation instead of 2022.
TY for explaining marginal tax rates.

[janetsampson]

Yes any one under a 22 percent should not have to pay taxes.

[lovlycu]

i wonder why when i set up my social security she recommended 7%

[janitia]

Inflation is caused by the banks by limiting loans

[robertmclean]

It’s not inflation. It’s price gouging. Stop lying.

[barbiec]

I still don’t understand the difference between the “taxable” and “pretax” categories…Aren’t you paying tax on both of them?