IRS Inflation Adjustments For Tax Year 2024
IRS Inflation Adjustments For Tax Year 2024
On November 9, 2023, The Internal Revenue Service announced the 2024 tax rate schedules and other tax changes. The standard deduction and marginal rates for the tax year 2024 are listed below.
Standard Deduction:
- Married couples filing jointly: $29,200 ($1,500 increase from 2023)
- Single taxpayers and married individuals filing separately: $14,600 ($750 increase from 2023)
- Heads of households: $21,900 ($1,100 increase from 2023)
Marginal Rates: The seven federal income tax brackets remain in 2024, with rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
Federal Income Tax Brackets for 2024 |
| Single | Married Filing Jointly | Married Filing Separately | Head of Household | Estates and Trusts | |
| 10% | $0 – $11,600 | $0 – $23,200 | $0 – $11,600 | $0 – $16,550 | $0 – $3,100 |
| 12% | $11,600 –$47,150 | $23,200 – $94,300 | $11,600 –$47,150 | $16,550 – $63,100 | |
| 22% | $47,150 – $100,525 | $94,300 – $201,050 | $47,150 – $100,525 | $63,100 – $100,500 | |
| 24% | $100,525 – $191,950 | $201,050 – $383,900 | $100,525 – $191,950 | $100,500 – $191,950 | $3,100 – $11,550 |
| 32% | $191,950 – $243,725 | $380,900 – $487,450 | $191,950 – $243,725 | $191,950 – $243,700 | |
| 35% | $243,725 – $609,350 | $487,450 – $731,200 | $243,725 – $365,600 | $243,700 – $609,350 | $11,550 – $15,200 |
| 37% | $609,350+ | $731,200+ | $365,600+ | $609,350+ | $15,200+ |
To read about the inflation adjustments for more than 60 tax provisions, check out IRS Revenue Procedures 2023-34. For specific advice regarding your situation, be sure to contact your tax adviser or accountant.
