2024 Income Tax Brackets And Deductions For Seniors

2024 Income Tax Brackets And Deductions For Seniors. 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. The income tax brackets for individuals are much wider for 2024 because of inflation during the 2023 fiscal year.

For 2024, the seven federal income tax rates are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Bloomberg tax has released its annual projected u.s.