Nevsa Othilia

2024 Standard Deductions And Tax Brackets. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket. In tax year 2024, the standard deductions are as follows:

With 2023 almost wrapped up and tax returns due in just a few months on monday, april 15, 2024, we’ll review the irs tax brackets, standard deductions, eitc. The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year.