2024 IRS Tax Brackets, Standard Deductions

By Karin Price Mueller, nj.com (TNS)

The IRS on Thursday released updated tax brackets and standard deductions for 2024.

While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation.

These tax rates are for the 2024 tax year covering tax returns that will be filed in 2025.

The IRS released these brackets and income levels for 2024:

37% for individual single taxpayers with incomes greater than $609,350 and for married couples who file a joint return with incomes greater than $731,200;
35% for single filers with incomes over $243,725 and for married couples filing a joint tax return with incomes over $487,450;
32% for single filers with incomes over $191,950 and for married couples filing a joint tax return with incomes over $383,900;
24% for single filers with incomes over $100,525 and for married couples filing a joint return with incomes over $201,050;
22% for single filers with incomes over $47,150 and for married couples filing a joint return with incomes over $94,300;
12% for single filers with incomes over $11,600 and for married couples filing a joint tax return with incomes over $23,200;
10% for single filers with incomes of $11,600 or less and for married couples filing a joint tax return with incomes of $23,200 or less.

There will also be changes for the standard deduction for the 2024 tax year, the agency said.

The standard deduction rises to $29,200 for married couples filing a joint tax return, which is an increase of $1,500 from tax year 2023;
The standard deduction for single filers and for married people who file separate returns rises to $14,600, up $750 from 2023;
And the standard deduction for heads of households will be $21,900, up $1,100 from 2023.

Taxpayers who qualify for the Earned Income Tax Credit (EITC) will also see increases, the IRS said. The maximum credit amount for qualifying taxpayers who have three or more qualifying children will be $7,830 for 2024, up from $7,430 for tax year 2023.

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