audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Right, it’s the taxable income which is after the standard deduction or Schedule A deductions. So for MFJ the 2024 limit is $94,050 and that’s after subtracting the $29,200 standard deduction from your AGI. A little higher standard deduction if one or more of you is over 65.Just to be clear, this is based on taxable income and not adjusted gross income, correct? If the former, that's good news. Our taxable income for 2023 was just under 105K and will definitely be lower for 2024 since I'm retiring in a few weeks. We should be able to stay under $94,050. It would be great if we could sell off a chunk of taxable holdings without triggering Federal capital gains tax. We'd still have state taxes to deal with but that's a lot better than Fed and state.
Sometime folks add those two numbers together to compare against your projected AGI.
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