IRS announces 2024 income tax brackets; see where you fall

Millions of Americans could take home more pay in 2024 thanks to inflation adjustments to the tax code announced by the IRS on Thursday.

The changes to the standard deduction and individual income brackets, among other adjustments, in tax year 2024 will apply to tax returns filed in 2025.

One of the principal reasons behind the annual adjustment is to combat “bracket creep,” when inflation pushes taxpayer incomes into higher tax brackets without actually giving workers additional purchasing power. Annual changes to income tax brackets and other provisions are put in place to offset inflation.