In 2024, the IRS is adjusting federal income tax brackets and standard deductions to counteract the impact of inflation, aiming to prevent “bracket creep.”
The changes will lead to higher take-home pay for Americans.
The new standard deduction for married couples filing jointly will be $29,200, up from $27,700, and for individuals, it will be $14,600, up from $13,850.
Tax brackets are increasing by about 5.4%, potentially resulting in savings for millions of taxpayers.
Other adjustments include higher thresholds for the earned income tax credit and increased contributions to health flexible spending accounts.
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