2024 tax brackets are set to increase by 5.4% by the IRS to account for inflation.
This adjustment could provide a tax break for some filers when they submit income tax returns in 2025.
This inflationary adjustment prevents taxpayers from being pushed into higher brackets solely due to inflationary wage growth.
The new 2024 income tax bracket levels set by the IRS reflect the most significant increase in decades at 5.4%.
2024 Tax Brackets
2024 Federal Income Tax Brackets for Single Filers
| Tax Rate | Taxable Income Bracket |
|---|---|
| 10% | Up to $11,000 |
| 12% | $11,001 to $44,975 |
| 22% | $44,976 to $98,975 |
| 24% | $98,976 to $181,975 |
| 32% | $181,976 to $285,750 |
| 35% | $285,751 to $578,125 |
| 37% | Over $578,125 |
2024 Federal Income Tax Brackets for Married Filing Jointly
| Tax Rate | Taxable Income Bracket |
|---|---|
| 10% | Up to $22,000 |
| 12% | $22,001 to $89,950 |
| 22% | $89,951 to $197,950 |
| 24% | $197,951 to $363,950 |
| 32% | $363,951 to $439,400 |
| 35% | $439,401 to $678,975 |
| 37% | Over $678,975 |
Tax experts recommend adjusting W-4 tax withholdings to align with anticipated 2024 tax liability.
For more information: Contact Steve Silver at Silver Mortgage
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