Individual Tax Updates

Inflation‑Adjusted Tax Numbers

Based on IRS Revenue Procedure 2024‑40, key updates include:

• Standard deductions: $15,000 (single), $22,500 (HOH), $30,000 (married filing jointly)

• Additional standard deduction for age/blindness: +$2,000 (single), +$1,600 (married)

• Tax brackets: Unchanged rates (10–37%), but income thresholds increased (e.g. 37% at $626,350 single; $751,600 MFJ)

• AMT exemptions: $88,100 (single), $137,000 (MFJ) with phaseouts starting at $626,350/$1.25 M

• Earned income credit (3+ children): max $8,046

• Foreign earned income exclusion: $130,000

• Mileage rate: 67 ¢/mile business, 22 ¢/mile medical/charity

• Retirement & fringe: 401(k) max $23,500, IRA remains $7,000 ($1,000 catch‑up)