IRS Reveals 2024 Tax Brackets, Deductions, and FSA Cap

The IRS has released the annual inflation adjustments for the 2024 tax year, including tax rate schedules, tax tables, and cost-of-living adjustments. The tax brackets for 2024 range from 10% to 37%, with the top tax rate applying to single taxpayers earning over $609,350 and married couples filing jointly earning over $731,200. The standard deduction amounts have increased, with individuals and married couples filing separately eligible for a deduction of $14,600, married couples filing jointly eligible for $29,200, and heads of household eligible for $21,900. Other adjustments include changes to child-related tax credits, education-related deductions, and retirement account limits.