The IRS has released the new income tax brackets and standard deduction amounts for tax year 2024. These numbers will be relevant for the tax return that most Americans will file in early 2025. The standard deduction has increased for individuals, married couples filing separately, and those filing as head of household. For individuals and married couples filing separately, the new federal standard deduction will be $14,600 and $29,200 for married couples filing jointly. For those filing as head of household, the standard deduction will be $21,900. Most filers claim the standard deduction, but others may choose to itemize their deductions if they add up to more than the standard deduction. The US federal income tax code currently has seven tax rates, ranging from 10% to 37%. Each of these rates applies to specific income brackets, which have been adjusted for tax year 2024. The IRS has also made changes to the contribution limits for Flexible Spending Accounts (FSAs), 401(k) plans, and Individual Retirement Accounts (IRAs) for 2024.
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