The IRS has issued Bulletin 2023-48, announcing its annual inflation adjustments for tax year 2024. We have posted an updated Tax calculator 2024 with these adjustments at the 906 LawTech site. Key points of interest for personal planning include:
Per-person per year gift reporting exemption - $18,000
Estate and gift tax exemption equivalent - $13,610,000
Cap on earnings subject to FICA - $168,600
