Following the passage of the Tax Cuts and Jobs Act of 2021, the Internal Revenue Service (IRS) has released the new income tax brackets for 2024.
These changes are scheduled to take effect for the 2024 taxable year, and the new rates and math for income taxes will apply to your income for the 2024 tax filing season.
For those of you filing as a single taxpayer in 2024, the following new income tax brackets will be in effect:
Taxable Income Marginal Rate
0 – $9,650 10%
$9,651 – $40,525 12%
$40,526 – $86,375 22%
$86,376 – $164,925 24%
$164,926 – $209,425 32%
$209,426 – $523,600 35%
$523,601 + 37%
For those of you filing as married taxpayers filing jointly in 2024, the following new income tax brackets will be in effect:
Taxable Income Marginal Rate
0 – $19,300 10%
$19,301 – $81,050 12%
$81,051 – $172,750 22%
$172,751 – $329,850 24%
$329,851 – $418,850 32%
$418,851 – $628,300 35%
$628,301 + 37%
These new income tax brackets will not take effect until the 2024 taxable year, which means that your income for the 2022 and 2023 tax filing seasons will still be subject to the current income tax brackets.
If you have any questions about how the new tax brackets may affect your particular situation, you should consult a knowledgeable tax advisor.
