Last week the IRS released the amounts for tax brackets and standard deduction for 2024. Due to inflation, the brackets increase 5.4% over last year.
2024 Tax Brackets – Individuals
| IRS Tax Brackets – Individuals |
|---|
| Tax Rate (%) | 2024 Tax Brackets | 2023 Tax Brackets |
|---|---|---|
| 10% | Up to $11,600 | Up to $11,000 |
| 12% | $11,600 to $47,150 | $11,000 to $44,725 |
| 22% | $47,150 to $100,525 | $44,725 to $95,375 |
| 24% | $100,525 to $191,500 | $95,375 to $182,100 |
| 32% | $191,500 to $243,725 | $182,100 to $231,250 |
| 35% | $243,725 to $609,350 | $231,250 to $578,125 |
| 37% | Over $$609,350 | Over $578,125 |
2024 Tax Brackets – Married Filing Jointly
| IRS Tax Brackets – Married Filing Jointly |
|---|
| Tax Rate (%) | 2024 Tax Brackets | 2023 Tax Brackets |
|---|---|---|
| 10% | Up to $23,200 | Up to $22,000 |
| 12% | $23,200 to $94,300 | $22,000 to $89,450 |
| 22% | $94,300 to $201,050 | $89,450 to $190,750 |
| 24% | $201,050 to $383,900 | $190,750 to $364,200 |
| 32% | $383,900 to $487,450 | $364,200 to $462,500 |
| 35% | $487,450 to $731,200 | $462,500 to $693,750 |
| 37% | Over $731,200 | Over $693,750 |
2024 Tax Brackets – Head of Household
You can file as head of household if you are unmarried and pay more than half the cost of a dependent. Qualified dependents are people such as children, grandchildren, or a parent.
| IRS Tax Brackets – Head of Household |
|---|
| Tax Rate (%) | 2024 Tax Brackets | 2023 Tax Brackets |
|---|---|---|
| 10% | Up to $16,550 | Up to $15,750 |
| 12% | $16,550 to $63,100 | $15,750 to $59,850 |
| 22% | $63,100 to $100,500 | $59,850 to $95,350 |
| 24% | $100,500 to $191,950 | $95,350 to $182,100 |
| 32% | $191,950 to $243,700 | $182,100 to $231,250 |
| 35% | $243,700 to $609,350 | $231,250 to $578,100 |
| 37% | Over $$609,350 | Over $578,100 |
Standard Deduction for 2024
The standard deduction is a deduction the government gives you that you do not need to pay tax on. Example, if you are single, the first $12,950 you make in 2024 is tax free.
| IRS Standard Deduction |
|---|
| Filing Status | 2024 Standard Deduction | 2023 Standard Deduction |
|---|---|---|
| Single | $14,600 | $13,850 |
| Married Filing Jointly | $29,200 | $27,700 |
| Head of Household | $21,900 | $19,400 |
| Married Seniors | additional $1,550 | |
| Unmarried Seniors | additional $1,950 |