The standard tax deduction and tax brackets have changed for the 2024 filing year.
The standard deduction rose to $29,200 for married couples filing jointly, a $1,500 increase. Single taxpayers and married people filing separately take a standard deduction of $14,600, an increase of $750. For a head of household the standard deduction rose to $21,900, a $1,100 increase.
Income tax brackets have been adjusted:
37% for individual taxpayers with incomes over $609,350, and $731,200 for married couples filing jointly
35% for individual taxpayer incomes over $243,725, and $487,450 for married couples filing jointly
32% for individual taxpayer incomes over $191,950, and $383,900 for married couples filing jointly
24% for individual taxpayer incomes over $100,525, and $201,050 for married couples filing jointly
22% for individual taxpayer incomes over $47,150, and $94,300 for married couples filing jointly
12% for individual taxpayer incomes over $11,600, and $23,200 for married couples filing jointly
10% for individual taxpayer incomes of $11,600 or less, and $23,200 or less for married couples filing jointly
