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10% for incomes of $11,600 or less ($23,200 or less for married couples filing jointly) In addition, the IRS increased the threshold for the tax year 2024 maximum Earned Income Tax Credit amount ...
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. The standard deduction for single taxpayers will be ...
The standard deduction is rising 6.9% or 7.2%, depending on filing status, while the Earned Income Tax Credit amount will increase by 7.1%, the Internal Revenue Service announced this week.
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
For married couples filing jointly, it will rise to $29,200 for 2024, up from $27,700 in 2023. Those filing as heads of household will see their standard deduction increase to $21,900 for 2024, up ...
That said, the IRS releases data periodically throughout tax season, and so far, the average tax refund is trending lower: $1,395 versus $1,963 at this time last year, the IRS said in a press ...