Tax Brackets for 2024: Income Limits & Deductions Overview
What are the tax brackets for 2024?
The Internal Revenue Service (IRS) sets tax brackets each year. These brackets determine how much income tax you owe based on your income level. For the 2024 tax year, the IRS has announced the following tax brackets for single filers:
- 10%: Income up to $11,000
- 12%: Income between $11,001 and $44,725
- 22%: Income between $44,726 and $95,375
- 24%: Income between $95,376 and $182,100
- 32%: Income between $182,101 and $231,250
- 35%: Income between $231,251 and $578,125
- 37%: Income over $578,125
IRS Tax Brackets for Tax Year 2024
Here’s a breakdown of the tax brackets for other filing statuses in 2024:
Married Filing Jointly
- 10%: Income up to $22,000
- 12%: Income between $22,001 and $89,450
- 22%: Income between $89,451 and $190,750
- 24%: Income between $190,751 and $364,200
- 32%: Income between $364,201 and $462,500
- 35%: Income between $462,501 and $693,750
- 37%: Income over $693,750
Married Filing Separately
- 10%: Income up to $11,000
- 12%: Income between $11,001 and $44,725
- 22%: Income between $44,726 and $95,375
- 24%: Income between $95,376 and $182,100
- 32%: Income between $182,101 and $231,250
- 35%: Income between $231,251 and $289,063
- 37%: Income over $289,063
Head of Household
- 10%: Income up to $15,700
- 12%: Income between $15,701 and $63,800
- 22%: Income between $63,801 and $132,600
- 24%: Income between $132,601 and $214,400
- 32%: Income between $214,401 and $273,750
- 35%: Income between $273,751 and $578,125
- 37%: Income over $578,125
When Does Tax Season Start 2025?
Tax season typically starts in late January each year. This is when the IRS begins accepting tax returns. However, the exact date can vary slightly from year to year.
IRS Tax Brackets for Tax Year 2025 (Will be Filed in 2026)
The IRS hasn’t yet released the tax brackets for the 2025 tax year. These brackets are usually announced in late 2024.
However, you can generally expect the brackets to increase slightly due to inflation. This is a common practice to adjust for the decreasing purchasing power of money over time.
To stay updated on the latest tax information, you can:
- Check the IRS website: This is the most reliable source for official tax information.
- Consult a tax professional: A tax professional can provide personalized advice based on your specific financial situation.
Remember, tax laws can be complex and subject to change. It’s always a good idea to seek professional advice to ensure you’re complying with all tax regulations.
