US Federal Income Tax 2024 — Brackets, Standard Deduction, and Filing

## 2024 federal income tax brackets (single filer) | Taxable Income | Rate | |---|---| | Up to $11,600 | 10% | | $11,600–$47,150 | 12% | | $47,150–$100,525 | 22% | | $100,525–$191,950 | 24% | | $191,950–$243,725 | 32% | | $243,725–$609,350 | 35% | | Above $609,350 | 37% | ## Standard deduction vs itemizing 2024 standard deduction: $14,600 (single), $29,200 (married filing jointly). With such a high standard deduction, only about 10% of filers benefit from itemizing. You should itemize only if: mortgage interest + state/local taxes ($10K cap) + charitable donations + other deductions exceed $14,600. ## Common tax credits Tax credits reduce your tax dollar-for-dollar (better than deductions): - Child Tax Credit: $2,000 per qualifying child - Earned Income Tax Credit: up to $7,830 for low-to-moderate income - American Opportunity Credit: up to $2,500 for college expenses - Child and Dependent Care Credit: 20–35% of care expenses up to $3,000