IRS announces new income tax brackets for 2024: What does that mean for you?

IRS announces new income tax brackets for 2024: What does that mean for you?
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The IRS has announced new income tax brackets for 2024.

The IRS issued a press release describing the 2024 tax year adjustments that will apply to income tax returns filed in 2025.

  • The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023.
  • For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023.
  • For heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.

 

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