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.
