2024 IRS Tax inflation [tax bracket] rates

The tax year 2024 adjustments described below generally apply to income tax returns filed in 2025.

The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.

Marginal rates

For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).

The other rates are:

35% for incomes over $243,725 ($487,450 for married couples filing jointly)

32% for incomes over $191,950 ($383,900 for married couples filing jointly)

24% for incomes over $100,525 ($201,050 for married couples filing jointly)

22% for incomes over $47,150 ($94,300 for married couples filing jointly)

12% for incomes over $11,600 ($23,200 for married couples filing jointly)

The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).

2024 retirement plan contributions

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan increase to $23,000. The catch-up contribution limit for employees aged 50 and over who participate in these plans remain at $7,500. Therefore, participants in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan who are 50 and older can contribute up to $30,500, starting in 2024. The catch-up contribution limit for employees age 50 and over who participate in SIMPLE plans remain at $3,500. The amount individuals can contribute to their SIMPLE retirement accounts will increase to $16,000. The limit on annual contributions to an IRA will increase to $7,000 ($8,000 if you’re age 50 or older). For IRA contributions after 70 and a half, for 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs.

Source: https://www.irs.gov/newsroom