Income Tax Standard Deduction 2024 24

Income Tax Standard Deduction 2024 24. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the income you earn in 2024. Here are the standard deduction amounts set by the irs:

The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. The seven federal income tax brackets for 2024 are 10%, 12%, 22%, 24%, 32%, 35% and 37%.