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Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. The personal exemption for 2024 remains at $0 (eliminating the personal exemption was part of the Tax Cuts and Jobs Act of 2017 (TCJA).
Tax Brackets and Tax Rates. There are seven (7) tax rates in 2024. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37% (there is also a zero rate). Here's how those break out by filing status:...
Now, if you are 65 or older and blind, the extra standard deduction for 2024 is $3,900 if you are single or filing as head of household. It's $3,100 per qualifying individual if you are...
For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.
See current federal tax brackets and rates based on your income and filing status.
In 2024 and 2025, there are seven federal income tax rates and brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Taxable income and filing status determine which federal tax rates apply to you...
The IRS has rolled out its 2025 inflation-adjusted tax brackets, giving income thresholds a modest 2.8% boost from 2024—a relatively small increase compared to past adjustments. In 2023 and...