IRS Releases Income Tax Brackets for 2024

(Image credit: Getty Images)

Managing your finances in a tax-efficient way requires planning. Thankfully, the IRS released the income tax brackets for 2024 last year, allowing you to strategize for the upcoming tax year (returns filed in early 2025).

New IRS tax brackets 2024

Here are the inflation-adjusted tax brackets for 2024. (Note: These brackets apply to federal income tax returns you would normally file in early 2025.) It's also essential to keep in mind that the associated tax rates remain the same (currently 10%, 12%, 22%, 24%, 32%, 35%, and 37%).

For information on the federal tax brackets for the 2024 tax filing season, see: Federal Tax Brackets and Income Tax Rates

From just $107.88 $24.99 for Kiplinger Personal Finance

Become a smarter, better informed investor. Subscribe from just ~~$107.88~~ $24.99, plus get up to 4 Special Issues

CLICK FOR FREE ISSUE

https://cdn.mos.cms.futurecdn.net/flexiimages/y99mlvgqmn1763972420.png

Sign up for Kiplinger’s Free Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Swipe to scroll horizontally

New 2024 Tax Brackets: Single Filers and Married Couples Filing Jointly
Tax Rate	Taxable Income (Single)	Taxable Income (Married Filing Jointly)
10%	Not over $11,600	Not over $23,200
12%	Over $11,600 but not over $47,150	Over $23,200 but not over $94,300
22%	Over $47,150 but not over $100,525	Over $94,300 but not over $201,050
24%	Over $100,525 but not over $191,950	Over $201,050 but not over $383,900
32%	Over $191,950 but not over $243,725	Over $383,900 but not over $487,450
35%	Over $243,725 but not over $609,350	Over $487,450 but not over $731,200
37%	Over $609,350	Over $731,200

Swipe to scroll horizontally

New 2024 Tax Brackets: Married Couples Filing Separately and Head of Household Filers
Tax Rate	Taxable Income (Married Filing Separately)	Taxable Income (Head of Household))
10%	Up to $11,600	Not over $16,550
12%	Over $11,600 but not over $47,150	Over $16,550 but not over $63,100
22%	Over $47,150 but not over $100,525	Over $63,100 but not over $100,500
24%	Over $100,525 but not over $191,950	Over $100,500 but not over $191,950
32%	Over $191,950 but not over $243,725	Over $191,950 but not over $243,700
35%	Over $243,725 but not over $365,600	Over $243,700 but not over $609,350
37%	Over $365,600	Over $609,350

It's also important to note that these income tax rates are marginal, meaning they only apply to the income within the relevant tax bracket range for your filing status.

For example, just because a married couple files a joint return with $100,000 of taxable income in 2024 and their total taxable income falls within the 22% bracket for joint filers, it doesn't mean they will pay $22,000 in tax. The 22% rate isn’t applied as a flat rate on the entire $100,000.

Instead, the 2024 tax brackets are tied to marginal tax rates. This means that the first $22,000 of income is taxed at a rate of 10%. The next portion of income, which is the amount between $22,000 and $89,450, is taxed at a rate of 12%. Finally, only the income exceeding $89,450 is taxed at a rate of 22%.

Note: For more examples and information on how tax brackets work, see Kiplinger's guide on Federal Income Tax Brackets and Rates.

New 2024 tax brackets vs 2023: Do tax brackets go up with inflation?

One of the tax effects of high inflation is that it impacts the tax bracket ranges. This can be seen in the "width" of the 2024 brackets, which have become comparatively wider than before. (In this context, "width" refers to the difference between the lowest and highest dollar amounts in a tax bracket.)

Wider tax brackets play a role in preventing "bracket creep." Bracket expansion reduces the likelihood of you being pushed into a higher tax bracket if your income remains constant or grows at a slower rate than inflation.

To compare your 2024 and 2023 tax brackets, see: 2024 and 2024 Tax Brackets and Federal Income Tax Rates.

Have wages and income kept up with inflation?

In recent years, on average, wages have generally increased. However, due to the pandemic, many workers' wages have only kept pace with inflation, which has, in recent years, hovered around a 40-year high.

According to the Bureau of Labor Statistics, wages and salaries increased 4.7 percent for the 12-month period ending in June 2023 and 3.2 percent a year ago. Meanwhile, the August consumer price index (CPI) — the widely used measure of inflation — rose 3.7%.

Kelley R. Taylor is the senior tax editor at Kiplinger.com, where she breaks down federal and state tax rules and news to help readers navigate their finances with confidence. A corporate attorney and business journalist with more than 20 years of experience, Kelley has helped taxpayers make sense of shifting U.S. tax law and policy from the Affordable Care Act (ACA) and the Tax Cuts and Jobs Act (TCJA), to SECURE 2.0, the Inflation Reduction Act, and most recently, the 2025 “Big, Beautiful Bill.” She has covered issues ranging from partnerships, carried interest, compensation and benefits, and tax‑exempt organizations to RMDs, capital gains taxes, and energy tax credits. Her award‑winning work has been featured in numerous national and specialty publications.