Among the 2024 inflation adjustments just announced by the IRS are several that affect higher-income taxpayers, including changes to the Alternative Minimum Tax (AMT). The AMT exemption amount is increasing to $85,700 in 2024 for single individuals and begins to phase out at $609,350. The AMT exemption for married joint filers will be $133,300 and begins to phase out at $1,218,700. The annual gift tax exclusion is also increasing from $17,000 in 2023 to $18,000 in 2024. This is the amount you can give (per individual) without using your lifetime gift and estate tax exclusion or owing gift tax. The estate tax exclusion will also increase, from $12.92 million in 2023 to $13.61 million in 2024.
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