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Financial Planning - IRS announces new income tax brackets for 2024

Updated: Nov 16, 2023

The IRS on Thursday announced higher federal income tax brackets and standard deductions for 2024.


income tax brackets
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The standard deduction will increase in 2024, rising to $29,200 for married couples filing jointly, up from $27,700 in 2023. Single filers may claim $14,600, an increase from $13,850.


Federal income brackets show how much you’ll owe on each portion of your “taxable income,” calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.


IRS - Marginal tax brackets for tax year 2024

Married filing jointly

Taxable income

Taxes owed

$0 to $23,200

10% of the taxable income

$23,201 to $94,300

$2,320

Plus 12% of the amount over $23,200

$94,301 to $201,050

$10,852

Plus 22% of amount over $94,300

$201,051 to $383,900

$34,337

Plus 24% of amount over $201,050

$383,901 to $487,450

$78,221

Plus 32% of amount over $383,900

$487,451 to $731,200

$111,357

Plus 35% of amount over $487,450

$731,201 or more

$196,669.50

Plus 37% of the amount over $731,200


IRS - Marginal tax brackets for tax year 2024

Single individuals

Taxable income

Taxes owed

$0 to $11,600

10% of the taxable income

$11,601 to $47,150

$1,160

Plus 12% of amount over $11,600

$47,151 to $100,525

$5,426

Plus 22% of amount over $47,150

$100,526 to $191,950

$17,168.50

Plus 24% of amount over $100,525

$191,951 to $243,725

$39,110.50

Plus 32% of amount over $191,150

$243,726 to $609,350

$55,678.50

Plus 35% of amount over $243,725

$609,351 or more

$183,647.25

Plus 37% of the amount over $609,350

The IRS also boosted figures for dozens of other provisions, such as the alternative minimum tax, a parallel system for higher earners and the estate tax exemption for wealthy families.

There’s also a higher earned income tax credit, bumping the write-off to a maximum of $7,830 for low- to moderate-income filers. And employees can funnel $3,200 into health flexible spending accounts.


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