As of my knowledge cutoff in October 2023, the federal tax rates for 2024 have not been officially announced by the Internal Revenue Service (IRS) or the U.S. Department of the Treasury. Federal tax rates are typically adjusted annually for inflation, and these adjustments are usually announced toward the end of the previous year. For example, the 2023 tax rates and brackets were announced in late 2022.

However, based on historical trends and the current tax structure under the Tax Cuts and Jobs Act (TCJA) of 2017, the federal income tax rates for 2024 are expected to remain similar to those in 2023, with adjustments for inflation. Below is an overview of the 2023 federal tax brackets, which can serve as a reference for what to expect in 2024:

2023 Federal Income Tax Brackets (Single Filers)

• 10%: Up to $11,000
• 12%: $11,001 to $44,725
• 22%: $44,726 to $95,375
• 24%: $95,376 to $182,100
• 32%: $182,101 to $231,250
• 35%: $231,251 to $578,125
• 37%: Over $578,125

2023 Federal Income Tax Brackets (Married Filing Jointly)

• 10%: Up to $22,000
• 12%: $22,001 to $89,450
• 22%: $89,451 to $190,750
• 24%: $190,751 to $364,200
• 32%: $364,201 to $462,500
• 35%: $462,501 to $693,750
• 37%: Over $693,750

Key Points to Consider for 2024:

1. Inflation Adjustments: The IRS adjusts tax brackets annually to account for inflation. This means the income thresholds for each bracket will likely increase slightly in 2024.
2. Potential Legislative Changes: While the TCJA is set to expire after 2025, Congress could pass new tax legislation that might affect rates or brackets for 2024. However, no major changes have been proposed as of now.
3. Standard Deduction and Exemptions: The standard deduction and other tax-related figures (e.g., contribution limits for retirement accounts) are also adjusted for inflation. For 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly. These amounts are expected to increase slightly in 2024.

How to Stay Updated:

To get the most accurate and up-to-date information on the 2024 federal tax rates, you should:

• Check the official IRS website (www.irs.gov) later in 2023 or early 2024.
• Consult a tax professional or financial advisor for personalized advice.
• Monitor news updates for any legislative changes that could impact tax rates.

If you need more detailed information or assistance with tax planning, feel free to ask!