The IRS announced its new income tax brackets and updated standard deduction amounts for Tax Year 2024.
These are the figures taxpayers will need to use when filing in 2025. The changes are being put into effect to protest against inflation.
For individuals and married couples filing separately, the updated federal standard deduction for 2024 will go up to $14,600, an increase from $13,850 in 2023. Married couples filing jointly will see the standard deduction increase to $29,200, a jump from the current level of $27,700.
Taxpayers filing as a head of household will see a standard deduction of $21,900, an increase from the 2023 level of $20,800. (IRS 11/08/23) IRS provides tax inflation adjustments for tax year 2024 | Internal Revenue Service
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