--- title: '2024 Tax Brackets: IRS Increases Income Thresholds, Standard Deduction Due to Inflation' description: The IRS is changing over 60 tax provisions for the 2024 tax year, including a 5% increase to the standard deduction, due to inflation. authors: - name: Brenden Rearick role: Reporter url: https://money.com/author/brenden-rearick/ bio: Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends. education: University of Pittsburgh, BA at_money_since: 2023 articles: 133 covers: - Taxes - Banking - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Technology former_staff: true editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: A graduate of the University of Florida, Julia has more than eight years of experience in personal finance journalism. In addition to overseeing news and newsletters, she leads Money’s tax coverage, which includes extensive reporting on tax credits, policy changes and the IRS. education: University of Florida at_money_since: 2018 articles: 453 covers: - Taxes - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2023-11-10T16:52:05.000Z' modified: '2024-01-10T15:13:26.000Z' section: Taxes tags: - News word_count: 461 canonical: https://money.com/tax-brackets-2024/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Close-up of a 1040 Tax Form with a red pencil on top](https://img.money.com/2023/11/News-Federal-Income-Tax-Bracket-20241.jpg) Inflation has eaten into Americans' wallets throughout this year, and the IRS is making changes to its federal income tax bracket thresholds as a result. The IRS revealed its tax inflation adjustments on Thursday for the 2024 tax year. That means these aren't the rates tied to income taxes you'll pay this upcoming filing season (those are technically your 2023 [taxes](https://money.com/how-to-file-taxes/)) — these are the rates you will pay in 2025 based on the amount you earn next year. Tax bracket adjustments are made every year by the IRS; they're announced in the fall alongside changes to other tax provisions and standard deductions. Inflation hasn't been quite as bad this year as it was last year — it peaked at 9.1% in June 2022 and now has hit 3.7% — but the income thresholds are still getting a sizable bump. All said, the IRS is making changes to over 60 tax provisions for 2024, including a 5% increase to the standard deduction. Not everybody pays the same amount of taxes. The IRS determines how much you'll pay each year using a graduated-rate income tax system. This year, the lowest rate is 10%, for single-filing individuals who make up to $11,600 in 2024. This is up from a cutoff of $11,000 for 2023. The highest rate is 37%, for single-filing individuals who make over $609,350 (up from $578,125 last year). Graduated tax brackets are income-based and determine how much each portion of your earnings are taxed. The first $11,600 of a filer's income is taxed at 10%. The next $35,500 is taxed at 12%, and so on. None of the seven tax rates that make up the graduated brackets have changed since last year, though the thresholds themselves have been adjusted upwards. Here are the tax brackets for single filers in 2024: - **10%**: $0 to $11,600 - **12%**: $11,600 to $47,150 - **22%**: $47,150 to $100,525 - **24%**: $100,525 to $191,950 - **32%**: $191,950 to $243,725 - **35%**: $243,725 to $609,350 - **37%**: $609,350 and up ## What is the standard deduction for 2024? The standard deduction is a predetermined amount of income that isn't taxed by the federal government. Alternatively, you can itemize your deductions to potentially save *more* than the standard deduction; however, after a tax overhaul in 2017, the vast majority taxpayers choose to take the standard deduction. For single filers, the standard deduction for 2024 will be $14,600, up from $13,850 this year. For married couples filing jointly, the standard deduction will be $29,200. For more information on inflation adjustments, go to the [IRS website](https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024). ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/tax-brackets-2024/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Taxes", "item": "https://money.com/taxes/" }, { "@type": "ListItem", "position": 3, "name": "Income Tax", "item": "https://money.com/income-tax/" }, { "@type": "ListItem", "position": 4, "name": "2024 Tax Brackets: IRS Increases Income Thresholds, Standard Deduction Due to Inflation" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/tax-brackets-2024/#webpage", "url": "https://money.com/tax-brackets-2024/", "name": "2024 Tax Brackets: IRS Increases Income Thresholds, Standard Deduction Due to Inflation", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-11-10T16:52:05.000Z", "mainEntity": { "@id": "https://money.com/tax-brackets-2024/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/tax-brackets-2024/#breadcrumb" }, "dateModified": "2024-01-10T15:13:26.000Z" }, { "@type": "NewsArticle", "headline": "2024 Tax Brackets: IRS Increases Income Thresholds, Standard Deduction Due to Inflation", "articleSection": "Taxes", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/11/News-Federal-Income-Tax-Bracket-20241.jpg", "width": 2370, "height": 1580, "caption": "News-Federal-Income-Tax-Bracket-2024" } ], "author": [ { "@type": "Person", "name": "Brenden Rearick", "url": "https://money.com/author/brenden-rearick/", "@id": "https://money.com/author/brenden-rearick/#author", "description": "Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends.\r\n\r\n", "email": "brenden.rearick@money.com", "alumniOf": "University of Pittsburgh, BA" } ], "publisher": "https://money.com/#organization", "datePublished": "2023-11-10T16:52:05.000Z", "description": "The IRS is changing over 60 tax provisions for the 2024 tax year, including a 5% increase to the standard deduction, due to inflation.", "abstract": "The IRS is changing over 60 tax provisions for the 2024 tax year, including a 5% increase to the standard deduction, due to inflation.", "@id": "https://money.com/tax-brackets-2024/", "inLanguage": "en-US", "dateModified": "2024-01-10T15:13:26.000Z", "editor": [ { "@type": "Person", "name": "Julia Glum", "url": "https://money.com/author/julia-glum/", "@id": "https://money.com/author/julia-glum/#author", "description": "A graduate of the University of Florida, Julia has more than eight years of experience in personal finance journalism. 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