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.
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.
2024 figures.
For 2024. With enough earnings, the standard deduction increases, but not above the amount for taxpayers who are not dependents.
Education benefits
For 2024, with income above these levels, the deduction for interest on education loans is reduced or eliminated.
These figures are not indexed for inflation.
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)
2024 figures for this key figure protecting many from paying AMT.
For 2024, the AMT exemption amount is reduced or eliminated with income above these amounts.
For 2024. Rate on AMT income below these levels is 26%.
Estate and gift tax
2024 figures. An unlimited exclusion applies to gifts to a spouse who is a U.S. citizen.
For 2024. Estate and gift tax do not apply until lifetime taxable transfers exceed this amount.
Standard mileage rates
For 2024, used when not claiming actual expenses
References: Rev. Proc. 2023-34.
More tax figures: Reference Room
