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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[@ricks1611]

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.

[@rickdunn3863]

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.

[@ds61821]

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.

[@brucesmith9144]

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?

[@swamprat9018]

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.

[@mr.b4444]

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

[@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.

[@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 ?

[@georgem5589]

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.

[@janetsampson5253]

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

[@michaeltollen588]

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

[@Databhoy]

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

[@coastalhillbilly3419]

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

[@travelingfool9096]

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).

[@MsKinzel]

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

[@mattball2700]

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

[@janitia]

Inflation is caused by the banks by limiting loans

[@lovly2cu725]

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

[@walkinlove930]

But many of us are not

[@gregorysteele718]

HOW ABOUT SS TAXABLE BRACKETS?

[@robertmclean6629]

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

[@arthurshingler2025]

Too much of a "good" thing here! I'll save it and replay it again and again.... but good stuff here!!

[@barbiec4312]

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

[@wdeemarwdeemar8739]

Yes but pre tax is you do not pay taxes now, you pay when you take money out. Say you made 100 k per year from your job and had 20 k in a pretax 401k from your job you would only pay taxes now for 80.k. Then when you retire years later that money that 20k grew to 40 k (hopefully) you will be taxed for that 40 k if you and when you take it out. You get more money and so does the IRS.

[@wdeemarwdeemar8739]

In my case above you paid 80 k at that tax bracket when you were working and years later you would be paying taxes on 40 k as you removed it from that pre taxed account.

[@cathylee4234]

Better to be married

[@johngarceau541]

First