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Incremental forming (IF) is an advanced manufacturing process in which a forming tool locally deforms sheet material into a desired geometry through successive passes at incremental depths. An inherent benefit to the IF process is its formability improvement over conventional stamping; however, further enhancements will enable the forming of increasingly complex geometries. To progress the IF process towards heavy industrial use, the modeling of such processes must be further developed. Single point incremental forming (SPIF) of AA2024-T3 was modeled herein utilizing explicit formulations. The model geometry featured a nominally rectangular-shaped clamping region. A friction factor was experimentally determined and utilized within the model, which is a novel addition to this work. Formability was determined and forming limit diagrams were composed. It was found that the present model shows greater formability and underestimates plastic strain compared to experimental testing. The generation of forming limit diagrams for this material processed by IF is also a novel addition to this field.