IRS Announces Tax Inflation Adjustments for 2024

The IRS announced their annual inflation adjustments for over 60 tax provisions in tax year 2024, including increases in the standard deduction and maximum EITC.

2024 Tax Inflation Adjustments Amounts

These tax year 2024 adjustments below generally apply to tax returns filed in 2025.

2024 Standard Deduction

• $14,600 – Single and Married Filing Separate
• $29,200 – Married Filing Joint or Surviving Spouse
• $21,900 – Head of Household

2024 Additional Standard Deduction

• $1,550 – Aged or the Blind
• $1,950 – Aged or Blind individual is also unmarried and not a surviving spouse

2024 Maximum EITC

• $7,830 – Three or more children
• $6,960 – Two children
• $4,213 – One child
• $632 – No children

Additional Adjustments for 2024

• The refundable portion of the child tax credit is increased to $1,700
• The investment income limit for the Earned Income Tax Credit is increased to $11,600
• The annual exclusion for gifts is increased to $18,000
• The Due Diligence Penalty for EITC, Child Tax Credit, American Opportunity Credit, and Head of Household is increased to $635

See the following on the IRS website for a complete list of provisions that were adjusted and for more information:

• IRS Revenue Procedure 2023-34 for a complete list of the inflation adjustments for 2024
• IRS News Release IR-2023-208 (IRS Provides tax inflation adjustments for tax year 2024)