ComputeResults
Married, filing jointly |
Head of Household |
Single filers |
Tax Rate |
$0 - $23,200 |
$0 - $16,550 |
$0 - $11,600 |
10% |
$23,201 - $94,300 |
$16,551 - $63,100 |
$11,601 - $47,150 |
12% |
$94,301 - $201,050 |
$63,101 - $100,500 |
$47,151 - $100,525 |
22% |
$201,051 - $383,900 |
$100,501 - $191,950 |
$100,526 - $191,950 |
24% |
$383,901 - $487,450 |
$191,951 - $243,700 |
$191,951 - $243,725 |
32% |
$487,451 - $731,200 |
$243,701 - $609,350 |
$242,726 - $609,350 |
35% |
More than $731,200 |
More than $609,350 |
More than $609,350 |
37% |
Source: IRS, 2024 tax rate schedules.
If the IRA holder turns 73 this year, he or she can defer the first distribution until April 1 of the next year. If the holder is older, he or she would normally be required to take an RMD before December 31 of this year. RMDs are considered taxable income for the year in which they are taken.
If you retire and are age 55 or more, you may be allowed to begin withdrawing assets held in your employer's plan without incurring a penalty, but such withdrawals would still be taxed as ordinary income.
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