2024 Tax Figures

Key tax figures for 2024 as announced by the IRS.

The 2024 tax figures on this page generally reflect an inflation adjustment of 5.4% from 2023. We have a separate page for 2024 tax brackets and another for 2024 retirement contribution limits and HSA numbers. Figures for previous years are available in our Reference Room.

Standard deduction

Taxpayers automatically receive the standard deduction unless they claim itemized deductions for such items as medical expense, charitable contributions, and state and local taxes. The standard deduction is more favorable for most.

Standard deduction, general rule
married filing jointly29,200
head of household21,900
single or separate14,600
2024 figures. Taxpayers automatically receive the standard deduction unless they claim itemized deductions for such items as medical expense, charitable contributions, and state and local taxes.
Additional amount for aged or blind
married1,550
single1,950
2024 figures.
Standard deduction for dependent
minimum1,300
or earned income plus450
For 2024. With enough earnings, the standard deduction increases, but not above the amount for taxpayers who are not dependents.

Education benefits

Education loan deduction begins to phase out
married filing jointly165,000
others80,000
For 2024, with income above these levels, the deduction for interest on education loans is reduced or eliminated.
Lifetime learning credit begins to phase out
married filing jointly160,000
others80,000
These figures are not indexed for inflation.
Savings bond interest exclusion begins to phase out
married filing jointly145,200
others96,800
For 2024, ability to exclude savings bond interest with qualifying education expenses is reduced or eliminated with income above these levels.

Alternative Minimum Tax (AMT)

AMT exemption amount
married filing jointly133,300
single85,700
married filing separately66,650
2024 figures for this key figure protecting many from paying AMT.
AMT exemption amount begins to phase out
married filing jointly1,218,700
single609,350
married filing separately609,350
For 2024, the AMT exemption amount is reduced or eliminated with income above these amounts.
AMT 28% rate begins
all except married filing separately232,600
married filing separately116,300
For 2024. Rate on AMT income below these levels is 26%.

Estate and gift tax

Gift tax exclusion
individual18,000
non-citizen spouse185,000
2024 figures. An unlimited exclusion applies to gifts to a spouse who is a U.S. citizen.
Unified credit
individual13,610,000
For 2024. Estate and gift tax do not apply until lifetime taxable transfers exceed this amount.

Standard mileage rates

Standard mileage rates in cents
business67
basis reduction30
medical and moving21
charitable14
For 2024, used when not claiming actual expenses

References: Rev. Proc. 2023-34, Notice 2024-8.

More tax figures: Reference Room

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