Tax Rates 2023
Tax Rates
Here is the list, but please check IRS.gov to make sure all are up to date:
Tax Rates 2024
| Tax Rate | For Single Filers | For Married Individuals Filing Joint Returns | For Heads of Households |
|---|---|---|---|
| 10% | $0 to $11,600 | $0 to $23,200 | $0 to $16,550 |
| 12% | $11,600 to $47,150 | $23,200 to $94,300 | $16,550 to $63,100 |
| 22% | $47,150 to $100,525 | $94,300 to $201,050 | $63,100 to $100,500 |
| 24% | $100,525 to $191,950 | $201,050 to $383,900 | $100,500 to $191,950 |
| 32% | $191,950 to $243,725 | $383,900 to $487,450 | $191,950 to $243,700 |
| 35% | $243,725 to $609,350 | $487,450 to $731,200 | $243,700 to $609,350 |
| 37% | $609,350 or more | $731,200 or more | $609,350 or more |
| Source: Internal Revenue Service | |||
| For Unmarried Individuals, Taxable Income Over | For Married Individuals Filing Joint Returns, Taxable Income Over | For Heads of Households, Taxable Income Over | ||
|---|---|---|---|---|
| 0% | 0% | $0 | $0 | $0 |
| 15% | 15% | $47,025 | $94,050 | $63,000 |
| 20% | 20% | $518,900 | $583,750 | $551,350 |
| Source: Internal Revenue Service | ||||
| Filing Status | Deduction Amount |
|---|---|
| Single | $14,600 |
| Married Filing Jointly | $29,200 |
| Head of Household | $21,900 |
| Additional Amount for Married Seniors | $1,550 |
| Additional Amount for Unmarried Seniors | $1,950 |
| Filing Status | Exemption Amount |
|---|---|
| Unmarried Individuals | $85,700 |
| Married Filing Jointly | $133,300 |
| Source: Internal Revenue Source | |
| Filing Status | Exemption Amount |
|---|---|
| Unmarried Individuals | $609,350 |
| Married Filing Jointly | $1,218,700 |
| Source: Internal Revenue Source | |
| Filing Status | No Children | One Child | Two Children | Three or More Children | |
|---|---|---|---|---|---|
| Single or Head of Household | Income at Max Credit | $8,260 | $12,390 | $17,400 | $17,400 |
| Maximum Credit | $632 | $4,213 | $6,960 | $7,830 | |
| Phaseout Begins | $10,330 | $22,720 | $22,720 | $22,720 | |
| Phaseout Ends (Credit Equals Zero) | $18,591 | $49,084 | $55,768 | $59,899 | |
| Married Filing Jointly | Income at Max Credit | $8,260 | $12,390 | $17,400 | $17,400 |
| Maximum Credit | $632 | $4,213 | $6,960 | $7,830 | |
| Phaseout Begins | $17,250 | $29,640 | $29,640 | $29,640 | |
| Phaseout Ends (Credit Equals Zero) | $25,511 | $56,004 | $62,688 | $66,819 | |
| Source: Internal Revenue Service | |||||
| Filing Status | Threshold |
|---|---|
| Unmarried Individuals | $191,950 |
| Married Filing Jointly | $383,900 |
| Source: Internal Revenue Service | |
Annual Exclusion for Gifts
In 2024, the first $18,000 of gifts to any person are excluded from tax, up from $17,000. The exclusion is increased to $185,000 from $175,000 for gifts to spouses who are not citizens of the United States.
Child Tax Credit
The maximum child tax credit is $2,000 per qualifying child and is not adjusted for inflation. The refundable portion of the child tax credit is adjusted for inflation and will increase from $1,600 to $1,700 for 2024.