Irs Releases New Income Tax Brackets For 2024

Irs Releases New Income Tax Brackets For 2024. The irs is changing over 60 tax provisions for the 2024 tax year, including a 5% increase to the standard deduction, due to inflation. The internal revenue service released its annual inflation adjustments thursday for the 2024 tax year that will boost paychecks and lower income tax for many americans.

The seven federal income tax brackets for 2024 are 10%, 12%, 22%, 24%, 32%, 35% and 37%. The tax brackets were adjusted upwards by 5.4% due to inflation, according to the irs.