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2023–2024 Tax Brackets and Federal Income Tax Rates

The seven IRS tax brackets determine how much you will owe in taxes on your income


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Say, have you ever wondered what the tax brackets are for the 2024 tax year? We’ve got you covered — and there’s actually some good news, thanks to inflation. 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 for the income you earn in 2024. Your standard deduction — the amount you can use as a deduction on your 1040 tax return without itemizing — will also be higher.

If you start now, you can make plans to reduce your 2024 tax bill. Knowing the tax brackets for 2024 can help you implement smart tax strategies, like adjusting your income tax withholding, so you don’t get caught with a big tax bill. 

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How the tax brackets work

In the U.S. tax system, income tax rates are graduated, so you pay different rates on different amounts of taxable income. There are seven federal income tax rates in all: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent. The more you make, the more you pay.

A tax bracket is a range of income that’s taxed at a specified rate. Importantly, your highest tax bracket doesn’t reflect how much you pay on all of your income. If you’re a single filer in the 22 percent tax bracket for 2024, you won’t pay 22 percent on all your taxable income. You will pay 10 percent on taxable income up to $11,600, 12 percent on the amount over $11,600 to $47,150, and 22 percent above that (up to $100,525).

Married filing separately pay at same rate as singles. Source: Internal Revenue Service

Married filing separately pay at same rate as singles. Source: Internal Revenue Service

In addition, the standard deduction is $14,600 for single filers for the 2024 tax year, up from $13,850 for 2023. The standard deduction for couples filing jointly is $29,200 in 2024, up from $27,700 in the 2023 tax year. The standard deduction is the fixed amount the IRS allows you to deduct from your annual income even if you don’t itemize your tax return. The lower your taxable income is, the lower your tax bill.

There’s even more good news for older taxpayers. Each joint filer 65 and over can increase the standard deduction by $1,550 apiece, for a total of $3,100 if both joint filers are 65-plus. In total, a married couple 65 or older would have a standard deduction of $32,300. You can also itemize individual tax deductions, for things like charitable donations, but they need to add up to more than the standard deduction to make itemizing worthwhile.

Your taxes for 2023 are due April 15, 2024; your taxes for the 2024 tax year are due April 15, 2025. If you have been hit with a big tax bill in the past, you should talk with a tax adviser about how to reduce your next tax bill. It’s probably easier to have a little more money withheld from each paycheck than to face a big tax bill on April 15. A good first step is to look at how much tax is being withheld from your paycheck. The IRS has a free withholding estimator that can tell you how much you should have taken out. You can also try AARP’s tax calculator for free.

Estimate Your 2023 Taxes

AARP’s tax calculator can help you predict what you’re likely to pay for the 2023 tax year.

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