{"id":7425,"date":"2023-12-10T06:19:56","date_gmt":"2023-12-10T06:19:56","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=7425"},"modified":"2023-12-10T06:22:26","modified_gmt":"2023-12-10T06:22:26","slug":"irs-2024-tax-brackets","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/irs-2024-tax-brackets\/","title":{"rendered":"IRS 2024 Tax Brackets"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><picture><source srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-1024x577.webp 1024w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-300x169.webp 300w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-768x433.webp 768w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-1536x865.webp 1536w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-150x85.webp 150w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-750x423.webp 750w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-1140x642.webp 1140w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets.webp 1640w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" type=\"image\/webp\"><img src=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-1024x577.png\" height=\"577\" width=\"1024\" srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-1024x577.png 1024w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-300x169.png 300w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-768x433.png 768w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-1536x865.png 1536w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-150x85.png 150w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-750x423.png 750w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets-1140x642.png 1140w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/its-2024-tax-brackets.png 1640w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" class=\"wp-image-7426 sp-no-webp\" alt=\"irs 2024 tax brackets\" decoding=\"async\" loading=\"lazy\"  > <\/picture><\/figure>\n\n\n\n<p>The <strong>tax brackets for 2024 <\/strong>as well as exemption , limitations for various exemptions and  tax credits were announced by the IRS in its &nbsp;<a href=\"https:\/\/www.irs.gov\/irb\/2023-48_IRB#REV-PROC-2023-34\" target=\"_blank\" rel=\"noopener\">Revenue Procedure 2023-34<\/a>&nbsp;that provides detailed information about  annual adjustments to various tax rates . Following is the compilation of <strong>2024 tax tables<\/strong>-standard deduction,tax brackets , capital gains tax rates, earned income tax credit etc.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6629144048a5a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6629144048a5a\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.irstaxapp.com\/irs-2024-tax-brackets\/#2024_Standard_Deduction\" title=\"2024 Standard Deduction\">2024 Standard Deduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.irstaxapp.com\/irs-2024-tax-brackets\/#Tax_Brackets_for_2024\" title=\"Tax Brackets for 2024\">Tax Brackets for 2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.irstaxapp.com\/irs-2024-tax-brackets\/#_Capital_Gains_Tax_Rates_2024\" title=\"&nbsp;Capital Gains Tax Rates 2024\">&nbsp;Capital Gains Tax Rates 2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.irstaxapp.com\/irs-2024-tax-brackets\/#Earned_Income_Credit-_Threshold_Phaseout_Other_Rates\" title=\"Earned Income Credit- Threshold Phaseout &amp; Other Rates.\">Earned Income Credit- Threshold Phaseout &amp; Other Rates.<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2024_Standard_Deduction\"><\/span><strong>2024 Standard Deduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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 &#8220;<a href=\"https:\/\/www.irstaxapp.com\/10-overlooked-deductions-above-the-line\/\">above-the-line deductions<\/a>&#8221; that are allowed even if you claim standard deduction .<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">(1) <em>For non-dependent persons<\/em><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>Filing Status<\/em><\/strong><\/td><td><strong><em>Standard Deduction<\/em><\/strong><\/td><\/tr><tr><td>Married Individuals Filing Joint Returns and Surviving Spouses (\u00a7 1(j)(2)(A))<\/td><td>$29,200<\/td><\/tr><tr><td>Heads of Households (\u00a7 1(j)(2)(B))<\/td><td>$21,900<\/td><\/tr><tr><td>Unmarried Individuals (other than Surviving Spouses and Heads of Households) (\u00a7 1(j)(2)(C))<\/td><td>$14,600<\/td><\/tr><tr><td>Married Individuals Filing Separate Returns (\u00a7 1(j)(2)(D))<\/td><td>$14,600<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">(2) Standard deduction for Dependent.&nbsp;<\/h3>\n\n\n\n<p>For taxable years beginning in 2024, the standard deduction amount under \u00a7 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\u2019s earned income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">(3) Additional Standard Deduction Aged or Blind.<\/h3>\n\n\n\n<p>For taxable years beginning in 2024, the additional standard deduction amount under \u00a7 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Brackets_for_2024\"><\/span><strong>Tax Brackets for 2024<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Married Individuals Filing Joint Returns and Surviving Spouses<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>If Taxable Income Is<\/em>:<\/strong><\/td><td><strong><em>The Tax Is<\/em>:<\/strong><\/td><\/tr><tr><td>Not over $23,200<\/td><td>10% of the taxable income<\/td><\/tr><tr><td>Over $23,200 but not over $94,300<\/td><td>$2,320 plus 12% of the excess over $23,200<\/td><\/tr><tr><td>Over $94,300 but not over $201,050<\/td><td>$10,852 plus 22% of the excess over $94,300<\/td><\/tr><tr><td>Over $201,050 but not over $383,900<\/td><td>$34,337 plus 24% of the excess over $201,050<\/td><\/tr><tr><td>Over $383,900 but not over $487,450<\/td><td>$78,221 plus 32% of the excess over $383,900<\/td><\/tr><tr><td>Over $487,450 but not over $731,200<\/td><td>$111,357 plus 35% of the excess over $487,450<\/td><\/tr><tr><td>Over $731,200<\/td><td>$196,669.50 plus 37% of the excess over $731,200<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Heads of Households<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>If Taxable Income Is<\/em>:<\/strong><\/td><td><strong><em>The Tax Is<\/em>:<\/strong><\/td><\/tr><tr><td>Not over $16,550<\/td><td>10% of the taxable income<\/td><\/tr><tr><td>Over $16,550 but not over $63,100<\/td><td>$1,655 plus 12% of the excess over $16,550<\/td><\/tr><tr><td>Over $63,100 but not over $100,500<\/td><td>$7,241 plus 22% of the excess over $63,100<\/td><\/tr><tr><td>Over $100,500 but not over $191,950<\/td><td>$15,469 plus 24% of the excess over $100,500<\/td><\/tr><tr><td>Over $191,950 but not over $243,700<\/td><td>$37,417 plus 32% of the excess over $191,950<\/td><\/tr><tr><td>Over $243,700 but not over $609,350<\/td><td>$53,977 plus 35% of the excess over $243,700<\/td><\/tr><tr><td>Over $609,350<\/td><td>$181,954.50 plus 37% of the excess over $609,350<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Unmarried Individuals (other than Surviving Spouses and Heads of Households)<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>If Taxable Income Is<\/em>:<\/strong><\/td><td><strong><em>The Tax Is<\/em>:<\/strong><\/td><\/tr><tr><td>Not over $11,600<\/td><td>10% of the taxable income<\/td><\/tr><tr><td>Over $11,600 but not over $47,150<\/td><td>$1,160 plus 12% of the excess over $11,600<\/td><\/tr><tr><td>Over $47,150 but not over $100,525<\/td><td>$5,426 plus 22% of the excess over $47,150<\/td><\/tr><tr><td>Over $100,525 but not over $191,950<\/td><td>$17,168.50 plus 24% of the excess over $100,525<\/td><\/tr><tr><td>Over $191,950 but not over $243,725<\/td><td>$39,110.50 plus 32% of the excess over $191,950<\/td><\/tr><tr><td>Over $243,725 but not over $609,350<\/td><td>$55,678.50 plus 35% of the excess over $243,725<\/td><\/tr><tr><td>Over $609,350<\/td><td>$183,647.25 plus 37% of the excess over $609,350<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Married Individuals Filing Separate Returns<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>If Taxable Income Is<\/em>:<\/strong><\/td><td><strong><em>The Tax Is<\/em>:<\/strong><\/td><\/tr><tr><td>Not over $11,600<\/td><td>10% of the taxable income<\/td><\/tr><tr><td>Over $11,600 but not over $47,150<\/td><td>$1,160 plus 12% of the excess over $11,600<\/td><\/tr><tr><td>Over $47,150 but not over $100,525<\/td><td>$5,426 plus 22% of the excess over $47,150<\/td><\/tr><tr><td>Over $100,525 but not over $191,950<\/td><td>$17,168.50 plus 24% of the excess over $100,525<\/td><\/tr><tr><td>Over $191,950 but not over $243,725<\/td><td>$39,110.50 plus 32% of the excess over $191,950<\/td><\/tr><tr><td>Over $243,725 but not over $365,600<\/td><td>$55,678.50 plus 35% of the excess over $243,725<\/td><\/tr><tr><td>Over $365,600<\/td><td>$98,334.75 plus 37% of the excess over $365,600<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Estates and Trusts<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>If Taxable Income Is<\/em>:<\/strong><\/td><td><strong><em>The Tax Is<\/em>:<\/strong><\/td><\/tr><tr><td>Not over $3,100<\/td><td>10% of the taxable income<\/td><\/tr><tr><td>Over $3,100 but not over $11,150<\/td><td>$310 plus 24% of the excess over $3,100<\/td><\/tr><tr><td>Over $11,150 but not over $15,200<\/td><td>$2,242 plus 35% of the excess over $11,150<\/td><\/tr><tr><td>Over $15,200<\/td><td>$3,659.50 plus 37% of the excess over $15,200<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Capital_Gains_Tax_Rates_2024\"><\/span><strong>&nbsp;Capital Gains Tax Rates 2024<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>Filing Status<\/em><\/strong><\/td><td><strong><em>Maximum Zero Rate Amount<\/em><\/strong><\/td><td><strong><em>Maximum 15% Rate Amount<\/em><\/strong><\/td><\/tr><tr><td>Married Individuals Filing Joint Returns and Surviving Spouse<\/td><td>$94,050<\/td><td>$583,750<\/td><\/tr><tr><td>Married Individuals Filing Separate Returns<\/td><td>$47,025<\/td><td>$291,850<\/td><\/tr><tr><td>Heads of Household<\/td><td>$63,000<\/td><td>$551,350<\/td><\/tr><tr><td>All Other Individuals<\/td><td>$47,025<\/td><td>$518,900<\/td><\/tr><tr><td>Estates and Trusts<\/td><td>$3,150<\/td><td>$15,450<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Earned_Income_Credit-_Threshold_Phaseout_Other_Rates\"><\/span><strong>Earned Income Credit- Threshold Phaseout &amp; Other Rates.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The \u201cearned income amount\u201d is the amount of earned income at or above which the maximum amount of the earned income credit is allowed.&nbsp;<\/p>\n\n\n\n<p>The \u201cthreshold phaseout amount\u201d is the amount of adjusted gross income (or, if greater, earned income) above which the maximum amount of the credit begins to phase out.&nbsp;<\/p>\n\n\n\n<p>The \u201ccompleted phaseout amount\u201d is the amount of adjusted gross income (or, if greater, earned income) at or above which no credit is allowed.&nbsp;<\/p>\n\n\n\n<p>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 \u00a7 32(b)(2)(B), as adjusted for inflation for taxable years beginning in 2024.&nbsp;<\/p>\n\n\n\n<p>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 \u00a7 32(d).<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><br><\/td><td><strong><em>Number of Qualifying Children<\/em><\/strong><\/td><td><br><\/td><td><br><\/td><td><br><\/td><\/tr><tr><td><strong><em>Item<\/em><\/strong><\/td><td><strong><em>One<\/em><\/strong><\/td><td><strong><em>Two<\/em><\/strong><\/td><td><strong><em>Three or More<\/em><\/strong><\/td><td><strong><em>None<\/em><\/strong><\/td><\/tr><tr><td>Earned Income Amount<\/td><td>$12,390<\/td><td>$17,400<\/td><td>$17,400<\/td><td>$8,260<\/td><\/tr><tr><td>Maximum Amount of Credit<\/td><td>$4,213<\/td><td>$6,960<\/td><td>$7,830<\/td><td>$632<\/td><\/tr><tr><td>Threshold Phaseout Amount (Married Filing Jointly)<\/td><td>$29,640<\/td><td>$29,640<\/td><td>$29,640<\/td><td>$17,250<\/td><\/tr><tr><td>Completed Phaseout Amount (Married Filing Jointly)<\/td><td>$56,004<\/td><td>$62,688<\/td><td>$66,819<\/td><td>$25,511<\/td><\/tr><tr><td>Threshold Phaseout Amount (All other filing statuses)<\/td><td>$22,720<\/td><td>$22,720<\/td><td>$22,720<\/td><td>$10,330<\/td><\/tr><tr><td>Completed Phaseout Amount (All other filing statuses)<\/td><td>$49,084<\/td><td>$55,768<\/td><td>$59,899<\/td><td>$18,591<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>You can see the <a href=\"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/\">tax brackets for 2023 <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tax brackets for 2024 as well as exemption , limitations for various exemptions and tax credits were announced by the IRS in its &nbsp;Revenue Procedure 2023-34&nbsp;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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7426,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[],"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/7425"}],"collection":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/comments?post=7425"}],"version-history":[{"count":3,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/7425\/revisions"}],"predecessor-version":[{"id":7430,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/7425\/revisions\/7430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media\/7426"}],"wp:attachment":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media?parent=7425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/categories?post=7425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/tags?post=7425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}