The IRS announced Thursday, Nov. 9, annual inflation adjustments for over 60 tax provisions in tax year 2024, including increases in the standard deduction for married couples and single individuals.
The 2024 adjustments generally apply to tax returns filed in 2025. The adjustments include tax rate schedules and other tax changes.
The standard deduction for married couples filing jointly for tax year 2024 increases to $29,200, up $1,500 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, up $750. For heads of household, the standard deduction will be $21,900 for tax year 2024, up $1,100 from the amount for tax year 2023.
For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly). See the other tax brackets.