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Tax Brackets

Tax Brackets

Tax Brackets

Each years the Internal Revenue Service (IRS) adjusts multiple tax provisions for inflation.   The IRS previously used the Consumer Price Index (CPI) as a measure of inflation prior to 2018.  The Tax Cuts and Jobs Act of 2017 directs the IRS to use the Chained Consumer Price Index (C-CPI) to adjust income thresholds, deduction amounts, and credit values accordingly.

The brackets below are for the 2024 tax year, for which taxpayers file tax returns in early 2025. 

2024 Standard Deduction 

The personal exemption for 2024 remain at $0 per provisions of the Tax Cuts and Jobs Act of 2017.

Standard Deductions are shown below: 

Filing Status

Single

Married Filing Jointly

Head of Household

Additional for Unmarried Seniors:

Additional for Married Seniors:

Standard Deduction

$14,600

$29,200

$21,900

$1,950

$1,550

2024 Federal Income Tax  Brackets and Rates

2024 Tax Rate

10%


12%


22%


24%


32%


35%


37%

Single Filers

$0    to  $11,600


$11,600  to  $47,150


$47,150  to  $100,525


$100,525  to  $191,950


$191,950  to  $243,725


$243,725  to  $609,350


$609,350  or more



Married Filing Jointly

$0    to  $23,200


$23,200  to  $94,300


$94,300  to  $201,050


$201,050  to  $383,900


$383,900  to  $487,450


$487,450  to  $731,200


$731,200  or more

Head of Households

$0    to  $16,550


$16,550  to  $63,100


$63,100  to  $100,500


$100,500  to  $191,950


$191,950  to  $243,700


$243,700  to  $609,350


$609,350  or more

Alternative Minimum Tax (AMT)

The alternative minimum tax (AMT) was created in the 1960s to prevent high-income taxpayers from avoiding the individual income tax.  This parallel income tax system requires high-income taxpayers to calculate their tax bill twice: once under the oridinary income tax system and again under the AMT, paying the higher of the two.


The AMT exemption amount for 2024 is $85,700 for singles and $133,300 for married couples filing jointly.

In 2024, the 28 percent AMT rate applies to excess AMT of $232,600 for most taxpayers, with $116,300 for married filing separate returns.


Capital Gains Tax Rates 

Tax Rate

0%


15%


20%

Unmarried

$0


$47,025


$518,900

Married Filing Jointly

$0


$94,050


$583,750

Heads of Households

$0


$63,000


$551,350

Important Information

Source:  Revenue Procedure 2023-34. 

Tax brackets are provided for informational use only and should not be used for preparation of your tax return.  Income tax is complex.  A qualified tax professional may assist you with determining your overall income tax liability.  Consult your attorney, accountant, or tax advisor for your specific situation.   Tax, legal, or social security claiming services are not offered through or supervised by Lincoln Investment or Capital Analysts.