IRS Releases Inflation Adjustments for 2024

Global Mobility
Written By Ale Farias

Today, the IRS announced annual inflation adjustments for tax year 2024, including the tax rate schedules and other tax changes.  The adjustments were announced in Revenue Procedure 2023-34.

The tax year 2024 adjustments are generally used on tax returns filed in 2025.

Here are the highlights:

  • Marginal tax rates are unchanged for 2024, but brackets have been adjusted for inflation.

  • Standard deductions have increased by $1,500 to $29,200 if married filing jointly and by $750 to $14,600 if single.  The personal exemption remains at zero.

  • Various thresholds were also adjusted for inflation, including the thresholds for the foreign earned income exclusion and estate exclusion.

  • Various exemptions and limits were also adjusted, including the exemption for the Alternative Minimum Tax.

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For complete details, please see https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024

Ale Farias
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