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IRS announces annual inflation adjustments for tax year 2024

By Martha Waggoner
Originally published here.

The IRS announced Thursday annual inflation adjustments for over 60 tax provisions in tax year 2024, including increases in the standard deduction for married couples and single individuals.

These tax year 2024 adjustments generally apply to tax returns that will be filed in 2025. Included are the tax rate schedules and other tax changes. Rev. Proc. 2023-24 provides details about these annual adjustments.

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

The tax items for tax year 2024 of greatest interest to most taxpayers include the following dollar amounts:

Income rate brackets

For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).

The other tax brackets are:

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