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2024 Tax Brackets

Income Tax Brackets and Rates

The 2024 income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The Seven federal income tax rates for 2024 are... 10% - 12% - 22% - 24% - 32% - 35% - 37% (no changes from 2023). The marginal income tax rate of 37% will apply to taxpayers with taxable income above $609,350 (single filers), and $731,200 is the target for married couples filing jointly...(SEE Table 1)

Table 1. Tax Brackets and Rates, 2024 (Source: IRS)

Rate
Single Individuals - Taxable Income Over
Married Individuals Filing Joint Returns - Taxable Income Over
Heads of Households - Taxable Income Over
10%
Up to $11,600
Up to $23,200
Up to $16,550
12%
$11,600 up to $47,150
$23,200 up to $94,300
$16,550 up to $63,100
22%
$47,150 up to $100,525
$94,300 up to $201,050
$63,100 up to $100,500
24%
$100,525 up to $191,950
$201,050 up to $383,900
$100,500 up to $191,950
32%
$191,950 up to $243,725
$383,900 up to $487,450
$191,950 up to $243,700
35%
$243,725 up to $609,350
$487,450 up to $731,200
$243,700 up to $609,350
37%
At or above $609,350
At or above $731,200
At or above $609,350

Standard Deduction & Personal Exemption

2024 has standard deductions for single filers increasing by $750; $1500 for married couples filing jointly. Seniors over the age of 65 are eligible to claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. Personal exemptions for 2024 remains at ZERO (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017 )

Table 2. 2024 Standard Deduction and Personal Exemption (Source: IRS)

Filing Status
Deduction Amount
Single
$14,600
Married Filing Jointly
$29,200
Head of Household
$21,900
Married Seniors Additional Deductions
$1,550
Unmarried Seniors Additional Deductions
$1,950
 

Alternative Minimum Tax

Created in the 1960s, The Alternative Minimum Tax (AMT) was setup to prevent high-income taxpayers from avoiding the individual income tax. This parallel tax income system requires high-income taxpayers to calculate their tax bill twice: once under the ordinary income tax system and again under the AMT. The taxpayer then needs to pay the higher of the two. More information can be found at IRS.Gov (SEE Table 3).

Table 3. 2024 Alternative Minimum Tax Exemptions (Source:IRS)

Filing Status
Exemption Amount
Unmarried Individuals
$85,700
Married Filing Jointly
$133,300


2024 keeps the AMT rate at 28%. This rate applies to excess AMTI of $232,600 for all taxpayers ($116,300 for married couples who file separate returns).

The AMT exemptions phase out at 25 cents per dollar earned once a taxpayers AMTI hits a certain threshold. In 2024, the exemption will start phasing out at $609,350 in AMTI for single filers and $1,218,700 for married taxpayers filing jointly (SEE Table 4).

Table 4. 2024 Alternative Minimum Tax Exemption Phaseout Thresholds

Filing Status
Threshold
Unmarried Individuals
$609,350
Married Filing Jointly
$1,218,700

Earned Income Tax Credit

The 2024 Maximum Earned Income Tax Credit (EITC) for single and joint filers is $632 (no children) (SEE Table 5). The maximum credit is $4,213 for one child, $6,960 for two children, and $7,830 for three or more children.

Table 5. 2024 Earned Income Tax Credit Parameters

Filing Status
Single or Head of Household
No Children
One Child
Two Children
Three or More Children
 
Income at Max Credit
$8,260
$12,390
$17,400
$17,400
 
Maximum Credit
$632
$4,213
$6,960
$7,830
 
Phaseout Begins
$10,330
$22,720
$22,720
$22,720
 
Phaseout Ends (Credit Equals 0 (Zero))
$18,591
$49,084
$55,768
$59,899
Filing Status
Married Filing Jointly
No Children
One Child
Two Children
Three or More Children
 
Income at Max Credit
$8,260
$12,390
$17,400
$17,400
 
Maximum Credit
$632
$4,213
$6,960
$7,830
 
Phaseout Begins
$17,250
$29,640
$29,640
$29,640
 
Phaseout Ends (Credit Equals Zero)
$25,511
$56,004
$62,688
$66,819

Qualified Business Income Deduction

Within the Tax Cuts and Jobs Act, there is an inclusion of a 20% deduction in 2024 for pass-through businesses with $191,950 of qualified business income for single taxpayers and $383,900 for married taxpayers filing jointly (SEE Table 6).

Table 6. 2024 Qualified Business Income Deduction Thresholds (Source:IRS)

Filing Status
Threshold
Unmarried Individuals
$191,950
Married Filing Jointly
$383,900

Child Tax Credit

The maximum Child Tax Credit for 2024 is $2,000 per child who qualifies, with no adjustments for inflation. The amount that may be refunded for the Child Tax Credit is adjusted for inflation and increases from $1,600 to $1,700 in 2024.

2024 Annual Exclusion for Gifts

For 2024, the first $18,000 of gifts to any person is excluded from tax. Exclusions are increased to $185,000 from $175,000 for gifts to spouses who're not citizens of the United States.

2024 Capital Gains Tax Rates & Brackets (Long-term Capital Gains)

Capital Gains, long term, are taxed using different rates and brackets compared to standard income.

Table 7. 2024 Capital Gains Tax Rates & Brackets (Source:IRS)

 
Unmarried Individuals - Taxable Income Over
Married Individuals Filing Joint Returns - Taxable Income Over
Heads of Households - Taxable Income Over
0%
$0
$0
$0
15%
$47,025
$94,050
$63,000
20%
$518,900
$583,750
$551,350

2023 Tax Brackets

Income Tax Brackets and Rates

The 2023 income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The Seven federal income tax rates for 2023 are... 10% - 12% - 22% - 24% - 32% - 35% - 37% The marginal income tax rate of 37% will apply to taxpayers with taxable income above $539,900 (single filers), and $693,750 is the target for married couples filing jointly...(SEE Table 1)

Table 1. Tax Brackets and Rates, 2023 (Source: IRS)

Rate
Single Individuals - Taxable Income Over
Married Individuals Filing Joint Returns - Taxable Income Over
Heads of Households - Taxable Income Over
10%
Up to $11,000
Up to $22,000
Up to $15,700
12%
$11,000 to $44,725
$22,000 to $89,450
$15,700 to $59,850
22%
$44,725 to $95,375
$89,450 to $190,750
$59,850 to $95,350
24%
$95,375 to $182,100
$190,750 to $364,200
$95,350 to $182,100
32%
$182,100 to $231,250
$364,200 to $462,500
$182,100 to $231,250
35%
$231,250 to $578,125
$462,500 to $693,750
$231,250 to $578,100
37%
At or above $578,125
At or above $693,750
At or above $578,100

Standard Deduction and Personal Exemption

2023 has standard deductions for single filers increasing by $900; $1800 for married couples filing jointly. Personal exemptions for 2023 remains at ZERO (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017 )

Table 2. 2023 Standard Deduction and Personal Exemption (Source: IRS)

Filing Status
Deduction Amount
Single
$13,850
Married Filing Jointly
$27,700
Head of Household
$20,800
 

Alternative Minimum Tax

Created in the 1960s, The Alternative Minimum Tax (AMT) was setup to prevent high-income taxpayers from avoiding the individual income tax. This parallel tax income system requires high-income taxpayers to calculate their tax bill twice: once under the ordinary income tax system and again under the AMT. The taxpayer then needs to pay the higher of the two. More information can be found at IRS.Gov (SEE Table 3).

Table 3. 2023 Alternative Minimum Tax Exemptions (Source:IRS)

Filing Status
Exemption Amount
Unmarried Individuals
$81,300
Married Filing Jointly
$126,500


2023 still sees the AMT rate at 28%. This rate applies to excess AMTI of $220,700 for all taxpayers ($110,350 for married couples who file separate returns).

The AMT exemptions phase out at 25 cents per dollar earned once a taxpayers AMTI hits a certain threshold. In 2023, the exemption will start phasing out at $578,150 in AMTI for single filers and $1,156,300 for married taxpayers filing jointly (SEE Table 4).

Table 4. 2023 Alternative Minimum Tax Exemption Phaseout Thresholds

Filing Status
Threshold
Unmarried Individuals
$578,150
Married Filing Jointly
$1,156,300

Earned Income Tax Credit

The 2023 Maximum Earned Income Tax Credit (EITC) for single and joint filers is $560 (no children) (SEE Table 5). The maximum credit is $3,995 for one child, $6,604 for two children, and $7,430 for three or more children. Increases are nominal.

Table 5. 2023 Earned Income Tax Credit Parameters

Filing Status
Single or Head of Household
No Children
One Child
Two Children
Three or More Children
 
Income at Max Credit
$7,840
$11,750
$16,510
$16,510
 
Maximum Credit
$600
$3,995
$6,604
$7,430
 
Phaseout Begins
$9,800
$21,560
$21,560
$21,560
 
Phaseout Ends (Credit Equals 0 (Zero))
$17,640
$46,560
$52,918
$56,838
 
Married Filing Jointly
 
 
 
 
 
Income at Max Credit
$7,840
$11,750
$16,510
$16,510
 
Maximum Credit
$600
$3,995
$6,604
$7,430
 
Phaseout Begins
$16,370
$28,120
$28,120
$28,120
 
Phaseout Ends (Credit Equals Zero)
$24,210
$53,120
$59,478
$63,398

Qualified Business Income Deduction

Within the Tax Cuts and Jobs Act, there is an inclusion of a 20 percent deduction in 2023 for pass-through businesses with $182,100 of qualified business income for single taxpayers and $364,200 for married taxpayers filing jointly (SEE Table 6).

Table 6. 2023 Qualified Business Income Deduction Thresholds (Source:IRS)

Filing Status
Threshold
Unmarried Individuals
$182,100
Married Filing Jointly
$364,200

Child Tax Credit

The maximum Child Tax Credit for 2023 is $2,000 per child who qualifies, with no adjustments for inflation. The amount that may be refunded for the Child Tax Credit is adjusted for inflation and increases from $1,500 to $1,600 in 2023.

2023 Annual Exclusion for Gifts

For 2023, the first $17,000 of gifts to any person is excluded from tax. Exclusions are increased to $175,000 from $164,000 in 2023 for gifts to spouses who are not citizens of the United States.

2023 Capital Gains Tax Rates & Brackets (Long-term Capital Gains)

Capital Gains, long term, are taxed using different rates and brackets compared to standard income.

Table 7. 2023 Capital Gains Tax Rates & Brackets (Source:IRS)

 
Unmarried Individuals - Taxable Income Over
Married Individuals Filing Joint Returns - Taxable Income Over
Heads of Households - Taxable Income Over
0%
$0
$0
$0
15%
$44,625
$89,250
$59,750
20%
$492,300
$553,850
$523,050