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

 

2024 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households
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

 

2024 Capital Gains Tax Rates (Long Term Capital Gains)
  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  

 

2024 Standard Deduction
 
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

 

2024 Alternative Minimum Tax Exemptions
 
Filing Status Exemption Amount
Unmarried Individuals $85,700
Married Filing Jointly $133,300
Source: Internal Revenue Source

 

2024 Alternative Minimum Tax Exemption Phaseout Thresholds
 
Filing Status Exemption Amount
Unmarried Individuals $609,350
Married Filing Jointly $1,218,700
Source: Internal Revenue Source

 

2024 Earned Income Tax Credit Parameters
 
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

 

2024 Qualified Business Income Deduction Thresholds
 
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.

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