IRS Projects Higher Tax Brackets, Deductions for 2024 Due to Inflation

Projected tax brackets, standard deduction amounts, and other key thresholds will increase by about 5.4% for 2024 due to inflation.
The income thresholds for the top tax brackets will increase. The 37% bracket for married couples is projected to start at $683,800.
The standard deduction will increase to $27,700 for married couples filing jointly.
The income limits for taking deductions like the child tax credit and retirement contributions will also increase.
These projections can help taxpayers plan ahead, but official 2024 tax numbers will be released by the IRS later this year.

forbes.com

Relevant topic timeline:

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