The IRS has announced the annual inflation adjustments for the year 2024, including tax rate schedules, tax tables and cost-of-living adjustments.
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.
If you aren’t expecting any significant changes in 2024, you can use the updated numbers to estimate your liability. If you plan to make more (or less) money or change your circumstances—including getting married, starting a business, or having a baby—consider adjusting your withholding or tweaking your estimated tax payments.