2024 Federal IRS Tax Rate Brackets and Standard Deduction – Latest Updates and News

This article provides a summary of changes and updates to IRS Federal tax rates and brackets. These adjust annually in line with inflation, under the tax code, to provide for mandatory cost of living adjustments (COLA). You can see the latest updates by year below.

2024 Tax Brackets (for 2025 Filings)

Due to lower inflation and cost of living adjustments, 2024 federal income tax brackets expanded much less (around 5.4%) than they did in 2023.

2024 Federal Taxable Income IRS Tax Brackets and Rates

Tax RateSingle FilersMarried Filing JointlyMarried, Filing SeparateHead of Household
10%Up to $11,600Up to $23.200Up to $11,600Up to $16,550
12%$11,601 to $47,150$23,201 to $94,300$11,601 to $47,150$16,551 to $63,100
22%$47,151 to $100,525$94,301 to $201,050$47,151 to $100,525$59,851 to $95,350
24%$100,526 to $191,950$201,051 to $383,900$100,526 to $191,950$95,351 to $182,100
32%$191,950 to $243,725$383,901 to $487,540$191,950 to $243,725$182,101 to $231,250
35%$243,726 to $609,350$487,451 to $731,200$243,726 to $361,000$231,251 to $578,100
37%Over $609,350Over $731,200Over $346,875Over $578,100
Standard Deduction$14.600$29,200$14,600$21,900

Tax bracket increases mean that if you don’t see a salary increase in 2024, your take home or net pay will actually go up due to the increase in the inflation adjusted tax brackets. For example, someone earning $50,000 could see a net pay increase of around $275 even without a raise.

You can see other 2024 tax updates in the following articles:

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2023 IRS Tax Brackets (for 2024 filings)

Federal income tax brackets expanded by nearly 7% in 2023, the largest increase in over 40 years, while federal tax rates stayed the same. This means if you didn’t see a salary increase in 2023, your take home or net pay will actually go up due to the increase in the inflation adjusted tax brackets.

Key changes included:

  • The standard deduction increased again (~7%) across all filing status’. The was a record increase and reduces a taxpayers income subject to taxation.
  • The 37% maximum tax rate remains in place for taxpayers with incomes greater than $578,125 (single filers) or $693,750 (married filers)
  • There is no longer any personal exemption and no limitation on itemized deductions.

2023 Federal Taxable Income IRS Tax Brackets and Rates

Tax RateSingle FilersMarried Filing JointlyMarried, Filing SeparateHead of Household
10%Up to $11,000Up to $22,000Up to $11,000Up to $15,700
12%$11,001 to $44,725$22,001 to $89,450$11,001 to $44,725$15,701 to $59,850
22%$44,726 to $95,375$89,451 to $190,750$44,726 to $95,375$59,851 to $95,350
24%$95,376 to $182,100$190,751 to $364,200$95,376 to $182,100$95,351 to $182,100
32%$182,101 to $231,250$364,201 to $462,500$182,101 to $231,250$182,101 to $231,250
35%$231,251 to $578,125$462,501 to $693,750$231,251 to $346,875$231,251 to $578,100
37%Over $578,125Over $693,750Over $346,875Over $578,100
Standard Deduction$13,850$27,700$13,850$20,800

Calculating Your Federal Income Tax

You can figure your federal taxes owed by calculating your income subject to taxes by tax bracket (progressive tax system). Another way is via the tables below where the progressive tax calculation has been done for you, so you just need to use your final income figure to determine the taxes you owe.

E.g If James has $105,000 of taxable income (AGI) after factoring in all allowable deductions as a single filer he would owe $18,600 [$16,290 + 24%x($105,000-$95,375)] in federal taxes to the IRS.

Note – The standard deduction reduces a taxpayers income subject to federal taxes, but several other deductions and credits can also taxable income (AGI). The best way to calculate this via online tax software, which factors in various allowable deductions based on filing status, dependents and other applicable items.

Get your biggest tax refund, guaranteed. Get started today.

2023 Taxable incomeSingle Filer – Taxes owed
$11,000 or less10% of the taxable income
$11,001 to $44,725$1,100 plus 12% of amount over $11,000
$44,726 to $95,375$5,147 plus 22% of amount over $44,725
$95,376 to $182,100$16,290 plus 24% of amount over $95,375
$182,101 to $231,250$37,104 plus 32% of amount over $182,100
$231,251 to $578,125$52,832 plus 35% of amount over $231,250
$578,126 or more$174,238.25 plus 37% of amount over $578,125
2023 Taxable incomeMarried Filed Jointly – Taxes owed
$22,000 or less10% of the taxable income
$22,001 to $89,450$2,200 plus 12% of amount over $22,000
$89,451 to $190,750$10,294 plus 22% of amount over $89,450
$190,751 to $364,200$32,580 plus 24% of amount over $190,750
$364,201 to $462,500$74,208 plus 32% of amount over $364,200
$462,501 to $693,750$105,664 plus 35% of amount over $462,500
$693,751 or more$186,601.50 plus 37% of amount over $693,750

2022 IRS Tax Brackets (for 2023 filings)

Final 2022 tax brackets have now been published by the IRS and as expected (and projected) federal tax brackets have expanded, while federal tax rates stayed the same. See the latest tables below. Key changes include:

  • The standard deduction increased over 3% for all filing status’
  • As was the case and due to Trump’s Tax Cuts and Jobs Acts the the personal exemption remained $0 for tax year 2022. There is also no limitation on itemized deductions.
  • Tax bracket ranges also increased meaning many folks may see lower taxes in 2022 if there salary didn’t increase beyond 3% to 4%

2022 Federal Taxable Income IRS Tax Brackets and Rates

Tax RateSingle FilersMarried Filing JointlyMarried, filing separatelyHead of Household
10%Up to $10,275Up to $20,550Up to $10,275Up to $14,650
12%$10,276 to $41,775$20,551 to $83,550$10,276 to $41,775$14,651 to $55,900
22%$41,776 to $89,075$83,551 to $178,150$41,776 to $89,075$55,901 to $89,050
24%$89,076 to $170,050$178,151 to $340,100$89,076 to $170,050$89,051 to $170,050
32%$170,051 to $215,950$340,101 to $431,900$170,051 to $215,950$170,051 to $215,950
35%$215,951 to $539,900$431,901 to $647,850$215,951 to $323,925$215,951 to $539,900
37%Over $539,900Over $647,850Over $323,925Over $539,900
Standard Deduction$12,950$25,900$12,950$19,400
Personal Examption$0$0$0$0

There several other changes in the IRS revenue procedure and you see more on the AMT changes and EITC updates.

Also see more on the record COLA increase, which may significantly expand tax brackets in 2023. I will publish those when available, including potential forecasts.

Potential Tax Changes from Biden Build Back Better Stimulus Package

[June 2022 update] – The Biden ARPA stimulus package did not pass so the tax changes below won’t be in effect.

Tax brackets and rates may also change as a result of Biden’s multi-trillion stimulus package that will require higher taxes to fund the many social spending programs included in the Democrat only plan. Congress is still trying to finalize a bill around Biden’s stimulus package and deliberations are ongoing, but here are some potential changes:

  • The top marginal income tax rate could rise 39.6% (from 37%) for individuals making over $400,000 and married couples making over $450,000.
  • Capital gain taxes could increase, including potentially taxing unrealized gains
  • An additional surtax may be imposed on the richest Americans.

2021 Tax Brackets

Below are the official 2021 IRS tax brackets. Note that the updated tax rates and taxable income brackets would only apply for the 2021 tax year (filed in 2022). For current tax filings, covering the 2020 tax year, refer to the 2020 tax brackets update/table below.

2021 Federal Taxable Income IRS Tax Brackets and Rates

Tax RateSingle FilersMarried Filing Jointly + SSMarried, filing separatelyHead of Household
10%Up to $9,950Up to $19,900Up to $9,950Up to $14,200
12%$9,951 to $40,525$19,901 to $81,050$9,951 to $40,525$14,201 to $54,200
22%$40,526 to $86,375$81,051 to $172,750$40,526 to $86,375$54,201 to $86,350
24%$86,376 to $164,925$172,751 to $329,850$86,376 to $164,925$86,351 to $164,900
32%$164,926 to $209,425$329,851 to $418,850$164,926 to $209,425$164,901 to $209,400
35%$209,426 to $523,600$418,851 to $628,300$209,426 to $314,150$209,401 to $523,600
37%Over $523,600Over $628,300Over $314,150Over $523,600
Standard Deduction$12,550$25,100$12,550$18,800

2020 Tax Brackets

2020 tax brackets/income thresholds (and subsequent years) are now based on the more accurate chained Consumer Price Index (CPI) formula the IRS has been mandated to use. Prior to that the standard CPI was used to adjust the brackets.

2020 Income Tax Brackets and Rates

Tax RateSingle FilersMarried Filing JointlyMarried, filing separatelyHead of Household
10%Up to $9,875Up to $19,750Up to $9,875Up to $14,100
12%$9,876 to $40,125$19,751 to $80,250$9,876 to $40,125$14,101 to $53,700
22%$40,126 to $85,525$80,251 to $171,050$40,126 to $85,525$53,701 to $85,500
24%$85,526 to $163,300$171,051 to $326,600$85,526 to $163,300$85,501 to $163,300
32%$163,301 to $207,350$326,601 to $414,700$163,301 to $207,350$163,301 to $207,350
35%$207,351 to $518,400$414,701 to $622,050$207,351 to $311,025$207,351 to $518,400
37%$518,400+$622,050+$311,025+$518,400+

2019 Tax Brackets

Below are the 2019 IRS tax brackets. Note that the updated tax rates and brackets would only apply for the 2019 tax year (filed in 2020). For current tax filings, covering the 2018 tax year, refer to the 2018 tax brackets update/table below.

2019 Income Tax Brackets and Rates

Tax RateSingle FilersMarried Filing JointlyMarried, filing separatelyHead of Household
10%Up to $9,700Up to $19,400Up to $9,700Up to $13,850
12%$9,701 to $39,475$19,401 to $78,950$9,701 to $39,475$13,851 to $52,850
22%$39,476 to $84,200$78,951 to $168,400$39,476 to $84,200$52,851 to $84,200
24%$84,201 to $160,725$168,401 to $321,450$84,201 to $160,725$84,201 to $160,700
32%$160,726 to $204,100$321,451 to $408,200$160,726 to $204,100$160,701 to $204,100
35%$204,101 to $510,300$408,201 to $612,350$204,101 to $306,175 $204,101 to $510,300
37%$510,301+$612,351+$306,176+$510,301+

The standard deduction in 2019 will increase to $12,200/$24,400 (single/married) and $18,350 for heads of household. The personal exemption was eliminated last year.

2018 Tax Brackets

Below are the updated tax brackets next year following passage of the Trump/GOP tax reform bill. These tax brackets and income thresholds supersede the 2018 IRS tax brackets published in the earlier updates below.

The standard deduction in 2018 will almost double to $12,000/$24,000 (single/married) under the GOP tax bill. The $4,150 personal exemption will be fully eliminated for 2018.

Note – Use the 2017 IRS tax brackets published in the section below for your tax filing in 2018 (covering the 2017 tax year).

2018 Income Tax Brackets and Rates under Reconciled/Final Trump GOP Tax bill

Tax RateSingle FilersMarried Filing JointlyMarried, filing separatelyHead of Household
10%Up to $9,525Up to $19,050Up to $9,525Up to $13,600
12%$9,526 to $38,700$19,051 to $77,400$9,526 to $38,700$13,601 to $51,800
22%$38,701 to $82,500$77,401 to $165,000$38,701 to $$82,500$51,801 to $82,500
24%$82,501 to $157,500$165,001 to $315,000$82,501 to $157,500$82,501 to $157,500
32%$157,501 to $200,000$315,001 to $400,000$157,501 to $200,000$157,501 to $200,000
35%$200,001 to $500,000$400,001 to $600,000$200,001 to $300,000$200,001 to $500,000
37%$500,000+$600,000+$300,000+$500,000+

See this article for a comparison and evolution of the 2018 GOP Tax Brackets. I will update the above tax brackets if the IRS provides any further updates as the tax law details and impacts are fully assessed. 

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With the continued low inflation environment federal IRS tax brackets, standard deductions and personal exemptions have only moderately increased in the past few years. 

Original 2018 Federal IRS Tax Brackets

The following table lists the federal 2018 IRS Tax Brackets, standard deductions and personal exemptions (for taxes filed in 2019).

2018 Federal Tax Rates and Marginal Tax Brackets

Tax RateSingleMarried Filing JointlyMarried Filing SeparateHead of Household
10%$0–$9,525$0-$19,050$0–$9,525$0-$13,600
15%$9,526–$38,700$19,051-$77,400$9,526–$38,700$13,601-$51,850
25%$38,701-$93,700$77,401-$156,150$38,701-$78,075$51,851-$133,850
28%$93,701–$195,450$156,151-$237,950$78,076-$118,975$133,851-$216,700
33%$195,451-$424,950$237,951 -$424,950$118,976-$212,475$216,701-$424,950
35%$424,951-$426,700$424,951-$480,050$212,476-$240,025$424,951-$453,350
39.6%over $426,700over $480,050over $240,025over $453,350
Exemption$4,050$4,050$4,050$4,050
Std Deduction$6,350$12,700$6,350$9,350

2017 Federal IRS Tax Brackets

See below for the 2017 IRS Tax Brackets, standard deductions and personal exemptions (for taxes filed in 2018). Related changes over 2016 levels are also provided that reflect moderate changes.

2017 Federal Tax Rates and Marginal Tax Brackets

Tax RateSingleMarried Filing JointlyMarried Filing SeparateHead of Household
10%$0 – $9,325$0 - $18,650$0–$9,325$0-$13,350
15%$9,326 – $37,950$18,651 - $75,900$9,376–$37,950$13,351-$50,800
25%$37,951 - $91,900$75,901 - $153,100$37,951-$76,550$50,801-$131,200
28%$91,901 – $191,650$153,101 - $233,350$76,551-$116,675$131,201-$212,500
33%$190,651-$416,700$233,351 - $416,700$116,676-$208,350$212,501-$416,700
35%$416,701-$418,400$416,701 - $470,700$208,351-$235,350$416,701-$444,550
39.6%over $418,400over $470,700over $235,350over $444,550
Exemption$4,050$4,050$4,050$4,050
Std Deduction$6,350$12,700$6,350$9,350

Key 2017 tax updates:

  • Marginal tax rates will remain the same as last year with 39.6% being the highest marginal tax rate. Tax brackets ranges will increase in line with COLA, so people with no income increases will actually see a lower marginal tax rate.
  • The standard deduction rises by $50 for heads of household, single and married filling separate filers. Married couples filing jointly standard deduction rises by $100 over 2016 levels.
  • The personal exemption stayed flat and did not rise for any filing type group. The exemption can be claimed for all qualifying dependents.
  • The Alternative Minimum Tax (AMT) exemption rose marginally in line with inflation. See more on AMT changes here.
  • The maximum Earned Income Tax Credit thresholds will increased moderately relative to other tax credits given the number of low income people that depend on this. See the latest EIC tables,
  • The gift tax exclusion will remain at $14,000
  • Health Flexible spending arrangements (FSA) employee contribution limits will rise by $50 to $2,600 as mandated under the Affordable Care Act. The health FSA pre-tax deduction limit is per employee, per employer per plan year.
  • 401K and IRA limits stayed generally flat in 2017
  • Foreign earned income exclusion increased by $800 to $102,100.
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16 thoughts on “2024 Federal IRS Tax Rate Brackets and Standard Deduction – Latest Updates and News”

  1. Our president promised our nation “the greatest tax cut ever”. A family of 3 filing a tax return for tax year 2017 would have been able to take a standard deduction of $12,700., and exemptions of $4,050 for each of 3 people. This would have given them a total income reduction of $24,850. The same 3 people would be able to take a $24,000. deduction for 2018, but no exemptions, since they have been eliminated. Considering that if they received a cost of living increase, which is comparable to inflation, and comparing the two tax tables, they would probably be in worse shape financially then they were before. This doesn’t sound like” the greatest tax cut ever”. This sounds like “fuzzy math” to me!

    Reply
  2. Thanks for the updated information.
    This article erroneously states that the standard deduction in 2018 “will double” and lists the new $24,000 standard deduction for married filing jointly. However, the 2017 standard deduction for married filing jointly is $12,700 which doubled is $25,400.

    When the elimination of the personal exemption is factored in, the bottom line change to the deduction allowed for a couple is a 15.4% increase, not 100% (if the deduction were doubled). (In 2017, standard deduction $12,700 plus 2 personal exemptions ($4,050 x 2 = $8,100) = $20,800 total deduction compared to 2018’s $24,000 total deduction.)

    Reply
  3. Under the Senate and House tax plans, how will qualified dividends be taxed? That is, for 2017, if
    non-qualified-dividend taxable income for married filing jointly is less than $75,900, then the
    qualified dividends are taxed at 0%. E.g., if $150,000 taxable income splits into $100,000 qualified
    dividends and $50,000 non-qualified-dividend income, then the tax computation for qualified dividends
    in 2017 would be ($100,000 + $50,000 – $75,900) x 15%.

    Reply
  4. I heard a rumor that President-elect Trump plans to increase the federal income tax on the lowest incomes from 10% to 12%. I haven’t been able to find out anything about that on fact-checking websites. Is there any truth to that rumor?

    Reply
  5. The spelling of “filing’ is misspelled in your chart column headers on this page. It is spelled correctly in the text info but not in the headers.

    Reply

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