The IRS announced the annual inflation adjustments for the year 2024, including tax rate schedules, tax tables and cost-of-living adjustments.

IRS TAX Brackets and TAX Rates

TAX bracket....There are seven (7) tax rates in 2024. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37% (there is also a zero rate).

These are the official numbers for the tax year 2024—that begins Jan. 1, 2024. They are not the numbers that you’ll use to prepare your 2023 tax returns in 2024 (you’ll find those official 2023 tax numbers here). These are the numbers that you’ll use to prepare your 2024 tax returns in 2025.

Personal Exemption Amounts

Due to the 2017 tax reform law, there will be no personal exemption amounts in 2024. Personal exemptions used to decrease your taxable income before you determined the tax due. You were generally allowed one exemption for yourself (unless you could be claimed as a dependent by another taxpayer), one exemption for your spouse if you filed a joint return, and one personal exemption for each of your dependents—but that's no longer the case.