IRS Announces Inflation-Adjusted Figures for 2024

There was a time when tax brackets and other figures such as the standard deduction would change only when Congress enacted a new law. Nowadays, inflation adjustments are built into the law. These changes save us money in various ways.

  • Tax brackets widen, so that greater amounts of income are taxed at lower rates.
  • Credits such as the child credit, and deductions such as the standard deduction, become larger.
  • Amounts we can contribute to retirement savings and other special accounts also increase.

Overall adjustments for 2024 come to about 5.4%, although rounding and other details in the calculations may produce somewhat different results in specific cases. Numbers that are likely to be of most interest appear in 2024 Tax Brackets, 2024 Tax Figures, and 2024 Retirement Contribution Limits. Prior year figures are available in our Reference Room.

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