The tax brackets for 2024 as well as exemption , limitations for various exemptions and tax credits were announced by the IRS in its Revenue Procedure 2023-34 that provides detailed information about annual adjustments to various tax rates . Following is the compilation of 2024 tax tables-standard deduction,tax brackets , capital gains tax rates, earned income tax credit etc.
Table of Contents
2024 Standard Deduction
Everyone , who does not claim itemised deduction, can opt for standard deduction which is the simplest deduction.Just note that there are other deduction ,popularly known as “above-the-line deductions” that are allowed even if you claim standard deduction .
(1) For non-dependent persons
Filing Status | Standard Deduction |
Married Individuals Filing Joint Returns and Surviving Spouses (§ 1(j)(2)(A)) | $29,200 |
Heads of Households (§ 1(j)(2)(B)) | $21,900 |
Unmarried Individuals (other than Surviving Spouses and Heads of Households) (§ 1(j)(2)(C)) | $14,600 |
Married Individuals Filing Separate Returns (§ 1(j)(2)(D)) | $14,600 |
(2) Standard deduction for Dependent.
For taxable years beginning in 2024, the standard deduction amount under § 63(c)(5) for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of (1) $1,300, or (2) the sum of $450 and the individual’s earned income.
(3) Additional Standard Deduction Aged or Blind.
For taxable years beginning in 2024, the additional standard deduction amount under § 63(f) for the aged or the blind is $1,550. The additional standard deduction amount is increased to $1,950 if the individual is also unmarried and not a surviving spouse.
Tax Brackets for 2024
Married Individuals Filing Joint Returns and Surviving Spouses
If Taxable Income Is: | The Tax Is: |
Not over $23,200 | 10% of the taxable income |
Over $23,200 but not over $94,300 | $2,320 plus 12% of the excess over $23,200 |
Over $94,300 but not over $201,050 | $10,852 plus 22% of the excess over $94,300 |
Over $201,050 but not over $383,900 | $34,337 plus 24% of the excess over $201,050 |
Over $383,900 but not over $487,450 | $78,221 plus 32% of the excess over $383,900 |
Over $487,450 but not over $731,200 | $111,357 plus 35% of the excess over $487,450 |
Over $731,200 | $196,669.50 plus 37% of the excess over $731,200 |
Heads of Households
If Taxable Income Is: | The Tax Is: |
Not over $16,550 | 10% of the taxable income |
Over $16,550 but not over $63,100 | $1,655 plus 12% of the excess over $16,550 |
Over $63,100 but not over $100,500 | $7,241 plus 22% of the excess over $63,100 |
Over $100,500 but not over $191,950 | $15,469 plus 24% of the excess over $100,500 |
Over $191,950 but not over $243,700 | $37,417 plus 32% of the excess over $191,950 |
Over $243,700 but not over $609,350 | $53,977 plus 35% of the excess over $243,700 |
Over $609,350 | $181,954.50 plus 37% of the excess over $609,350 |
Unmarried Individuals (other than Surviving Spouses and Heads of Households)
If Taxable Income Is: | The Tax Is: |
Not over $11,600 | 10% of the taxable income |
Over $11,600 but not over $47,150 | $1,160 plus 12% of the excess over $11,600 |
Over $47,150 but not over $100,525 | $5,426 plus 22% of the excess over $47,150 |
Over $100,525 but not over $191,950 | $17,168.50 plus 24% of the excess over $100,525 |
Over $191,950 but not over $243,725 | $39,110.50 plus 32% of the excess over $191,950 |
Over $243,725 but not over $609,350 | $55,678.50 plus 35% of the excess over $243,725 |
Over $609,350 | $183,647.25 plus 37% of the excess over $609,350 |
Married Individuals Filing Separate Returns
If Taxable Income Is: | The Tax Is: |
Not over $11,600 | 10% of the taxable income |
Over $11,600 but not over $47,150 | $1,160 plus 12% of the excess over $11,600 |
Over $47,150 but not over $100,525 | $5,426 plus 22% of the excess over $47,150 |
Over $100,525 but not over $191,950 | $17,168.50 plus 24% of the excess over $100,525 |
Over $191,950 but not over $243,725 | $39,110.50 plus 32% of the excess over $191,950 |
Over $243,725 but not over $365,600 | $55,678.50 plus 35% of the excess over $243,725 |
Over $365,600 | $98,334.75 plus 37% of the excess over $365,600 |
Estates and Trusts
If Taxable Income Is: | The Tax Is: |
Not over $3,100 | 10% of the taxable income |
Over $3,100 but not over $11,150 | $310 plus 24% of the excess over $3,100 |
Over $11,150 but not over $15,200 | $2,242 plus 35% of the excess over $11,150 |
Over $15,200 | $3,659.50 plus 37% of the excess over $15,200 |
Capital Gains Tax Rates 2024
Filing Status | Maximum Zero Rate Amount | Maximum 15% Rate Amount |
Married Individuals Filing Joint Returns and Surviving Spouse | $94,050 | $583,750 |
Married Individuals Filing Separate Returns | $47,025 | $291,850 |
Heads of Household | $63,000 | $551,350 |
All Other Individuals | $47,025 | $518,900 |
Estates and Trusts | $3,150 | $15,450 |
Earned Income Credit- Threshold Phaseout & Other Rates.
The “earned income amount” is the amount of earned income at or above which the maximum amount of the earned income credit is allowed.
The “threshold phaseout amount” is the amount of adjusted gross income (or, if greater, earned income) above which the maximum amount of the credit begins to phase out.
The “completed phaseout amount” is the amount of adjusted gross income (or, if greater, earned income) at or above which no credit is allowed.
The threshold phaseout amounts and the completed phaseout amounts shown in the table below for married taxpayers filing a joint return include the increase provided in § 32(b)(2)(B), as adjusted for inflation for taxable years beginning in 2024.
The threshold phaseout amounts and the completed phaseout amounts shown in the table below for taxpayers with all other filing statuses also apply to married taxpayers who are not filing a joint return and satisfy the special rules for separated spouses in § 32(d).
Number of Qualifying Children | ||||
Item | One | Two | Three or More | None |
Earned Income Amount | $12,390 | $17,400 | $17,400 | $8,260 |
Maximum Amount of Credit | $4,213 | $6,960 | $7,830 | $632 |
Threshold Phaseout Amount (Married Filing Jointly) | $29,640 | $29,640 | $29,640 | $17,250 |
Completed Phaseout Amount (Married Filing Jointly) | $56,004 | $62,688 | $66,819 | $25,511 |
Threshold Phaseout Amount (All other filing statuses) | $22,720 | $22,720 | $22,720 | $10,330 |
Completed Phaseout Amount (All other filing statuses) | $49,084 | $55,768 | $59,899 | $18,591 |
You can see the tax brackets for 2023
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