Federal exemption amounts (2024)
Federal exemption amounts are adjusted every 3 years for inflation. The amounts below reflect the most recent adjustment effective April 1, 2022. The next adjustment occurs April 1, 2025.
| Category | Section | Amount |
|---|---|---|
| Homestead (real or personal property used as residence) | § 522(d)(1) | $27,900 |
| Motor vehicle | § 522(d)(2) | $4,450 |
| Household goods (per item) | § 522(d)(3) | $700 per item, $14,875 total |
| Jewelry | § 522(d)(4) | $1,875 |
| Wildcard (any property) | § 522(d)(5) | $1,475 + up to $13,950 of unused homestead |
| Tools of the trade | § 522(d)(6) | $2,800 |
| Life insurance (unmatured) | § 522(d)(7) | Unlimited (no cash value limit separately) |
| Life insurance (cash value) | § 522(d)(8) | $14,875 |
| Health aids | § 522(d)(9) | Unlimited |
| Social Security, disability, unemployment | § 522(d)(10) | Unlimited |
| Alimony and child support | § 522(d)(10)(D) | Reasonably necessary |
| Personal injury recovery | § 522(d)(11)(D) | $27,900 |
| Retirement accounts (ERISA) | § 522(b)(3)(C) | Unlimited |
| IRA/Roth IRA | § 522(n) | ~$1,512,350 |
States where federal exemptions are available
The following 17 states (plus DC) allow debtors to choose between federal and state exemptions:
Connecticut, Delaware, District of Columbia, Hawaii, Kentucky, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Texas, Vermont, Washington, Wisconsin.
In these states, you choose whichever set -- federal or state -- gives you better protection. You cannot mix and match between the two systems.
11 U.S.C. § 522(b)(1): A debtor may exempt property under either the federal exemptions in paragraph (2) or the state exemptions in paragraph (3), but not both. The choice must be consistent for all property claimed as exempt.
The wildcard exemption is powerful. If you do not own a home (or do not use the full homestead exemption), you can shift up to $13,950 of the unused homestead into the wildcard under § 522(d)(5). Combined with the base $1,475, that gives you $15,425 to protect any property -- cash, bank accounts, tax refunds, or anything else.