IRS 2024 Updated Tax Brackets

November 15, 2023

On November 9, 2023 the IRS announced new annual inflation adjustments and standard deductions for the 2024 tax year. For most taxpayers, these adjustments will be applied to tax returns filed in 2025.

Adjusted tax brackets and standard deductions are implemented on an annual basis, and crafted with inflation in mind. The goal is to make adjustments so taxpayers aren't hit with paying higher taxes on increased income due to inflation. Continue reading to learn how these changes will affect your tax bracket. 


Increased Standard Deductions 

Married Couples Filing Jointly

For the 2024 tax year, if you are married and filing jointly:

  • Standard deductions will be $29,200 (increased from $1,500 in 2023)

Single Taxpayers and Married Individuals Filing Separately

For the 2024 tax year, if you are either a single taxpayer, or married and filing separately:

  • Standard deductions will be $14,600 (increased from $750 in 2023)


New Tax Brackets  

The IRS has increased each of the seven federal income tax brackets by roughly 5.4% for 2024. This will most likely result in your income placing your in a lower tax bracket. To see changes on marginal rates based on your projected income, browse below based on filing status.

Married Couples Filing Jointly

For the 2024 tax year, if you are married and filing jointly:

  • 37% for incomes over $731,200
  • 35% for incomes over $487,450
  • 32% for incomes over $383,900
  • 24% for incomes over $201,050
  • 22% for incomes over $94,300
  • 12% for incomes over $$23,200
  • 10% for incomes less than $23,200

Filing as a Single Taxpayer

For the 2024 tax year, if you are filing as a single taxpayer:

  • 37% for incomes over $609,350
  • 35% for incomes over $243,725
  • 32% for incomes over $191,950 
  • 24% for incomes over $100,525
  • 22% for incomes over $47,150
  • 12% for incomes over $$11,600
  • 10% for incomes less than $11,600