IRS 2024 tax brackets: What we know ahead of 2025 filing season
December 16, 2024
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Taxpayers will have to play by new tax rules in 2025 and, for many, the standard deduction will become far higher.
What’s New
Beginning in January, many Americans will start filing taxes for tax year 2024. Financial experts say some taxpayers could see more money untouched by the IRS.
The standard deduction, which is the amount of income protected from taxation, got stronger in 2025.
It will now be $29,200 for married couples filing together, up $1,500 in tax year 2023. For single filers, the standard deduction jumped $750 to $14,600.
The income tax brackets for tax year 2024 have also been adjusted accordingly based on recent economic activity:
Incomes over $609,350 ($731,200 for married couples filing jointly): 37%
Incomes over $243,725 ($487,450 for married couples filing jointly): 35%
Incomes over $191,950 ($383,900 for married couples filing jointly): 32%
Incomes over $100,525 ($201,050 for married couples filing jointly): 24%
Incomes over $47,150 ($94,300 for married couples filing jointly): 22%
Incomes over $11,600 ($23,200 for married couples filing jointly): 12%
Incomes of $11,600 or less ($23,200 for married couples filing jointly): 10%
And for tax year 2025, which concerns tax returns filed in 2026, single filers will be able to shield $15,000 from taxes. Meanwhile, married couples filing together got a $30,000 buffer.
The U.S. Internal Revenue Service (IRS) headquarters building on September 15, 2024, in Washington, D.C. The IRS has implemented new rules for taxes in 2025. The U.S. Internal Revenue Service (IRS) headquarters building on September 15, 2024, in Washington, D.C. The IRS has implemented new rules for taxes in 2025. J. David Ake/Getty Images
Why It Matters
Looking ahead to 2026, though, taxes could become increasingly complicated.
Since the Tax Cuts and Jobs Act expires on December 31, 2025, tax rates could dramatically spike in 2026.
The IRS also recently released its new tax brackets for tax year 2025, so this would apply to taxpayers filing in 2026 for the income they made in 2025:
37% for incomes over $626,350 ($751,600 for married couples filing jointly)
35% for incomes over $250,525 ($501,050 for married couples filing jointly)
32% for incomes over $197,300 ($394,600 for married couples filing jointly)
24% for incomes over $103,350 ($206,700 for married couples filing jointly)
22% for incomes over $48,475 ($96,950 for married couples filing jointly)
12% for incomes over $11,925 ($23,850 for married couples filing jointly)
10% for incomes $11,925 or less ($23,850 or less for married couples filing jointly)
What To Know
There are also major changes for Social Security beneficiaries in 2025. The cost-of-living adjustment was set at 2.5 percent after an increase of 3.2 percent in 2024. That will boost the average retired worker’s benefit amount by just $50 a month.
The maximum earnings subject to Social Security taxes will also increase from $168,600 to $176,100.
When it comes to actual Social Security payments, the maximum benefit is rising from $3,822 in 2024 to $4,018 in 2025. That maximum is available to high earners who wait to get benefits until their full retirement age.
What People Are Saying
Regarding the changes from the 2024 to 2025 tax year, Michael Ryan, a finance expert and the founder of michaelryanmoney.com, told Newsweek: “That could mean an extra $400 to $800 untouched by the taxman.
“You might keep more of your hard-earned dollars without changing your income.”
Marginal tax rates and the alternative minimum tax exemption amounts will also be adjusted upward, while the earned income tax credit for taxpayers with three children or more is rising to $8,046, said Alex Beene, a financial literacy instructor for the University of Tennessee at Martin.
“Most of the other changes deal with increased limits for health flexible spending accounts, medical savings accounts and qualified transportation fringe benefits,” Beene told Newsweek.
“Overall, these changes are beneficial for Americans, as higher limits and credits should help to offer some financial relief to both individuals and families.”
What Happens Next
The deadline to file taxes is typically in April, but the IRS usually allows Americans to get a head start as early as January.
“The 2025 tax filing season isn’t about compliance—it’s about opportunity,” Ryan said. “Those who understand the nuances will transform potential stress into financial empowerment. Tax filing becomes less about what you owe, and more about what you can strategically preserve.”
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