In Revenue Procedure 2023-34, the IRS published inflation-adjusted tax rates for 2024.
Married Individuals Filing Joint Returns and Surviving Spouses -- § 1(j)(2)(A)
| If Taxable Income: | The Tax Is: |
|---|---|
| Not over $23,200 | 10% of the taxable income |
| Over $23,200 but not over $94,300 | $2,320 plus 12% of the excess over $23,200 |
| Over $94,300 but not over $201,050 | $10,852 plus 22% of the excess over $94,300 |
| Over $201,050 but not over $383,900 | $34,337 plus 24% of the excess over $201,050 |
| Over $383,900 but not over $487,450 | $78,221 plus 32% of the excess over $383,900 |
| Over $487,450 but not over $731,200 | $111,357 plus 35% of the excess over $487,450 |
| Over $731,200 | $196,669.50 plus 37% of the excess over $731,200 |
Heads of Households -- § 1(j)(2)(b)
| If Taxable Income Is: | The Tax Is: |
|---|---|
| Not over $16,550 | 10% of the taxable income |
| Over $16,550 but not over $63,100 | $1,655 plus 12% of the excess over $16,550 |
| Over $63,100 but not over $100,500 | $7,241 plus 22% of the excess over $63,100 |
| Over $100,500 but not over $191,950 | $15,469 plus 24% of the excess over $100,500 |
| Over $191,950 but not over $243,700 | $37,417 plus 32% of the excess over $191,150 |
| Over $243,700 but not over $609,350 | $53,977 plus 35% of the excess over $243,700 |
| Over $609,350 | $181,954.50 plus 37% of the excess over $609,350 |
Unmarried Individuals (other than Surviving Spouses and Heads of Households) -- § 1(j)(2)(C)
| If Taxable Income Is: | The Tax Is: |
|---|---|
| Not over $11,600 | 10% of the taxable income |
| Over $11,600 but not over $47,150 | $1,160 plus 12% of the excess over $11,600 |
| Over $47,150 but not over $100,525 | $5,426 plus 22% of the excess over $47,150 |
| Over $100,525 but not over $191,950 | $17,168.50 plus 24% of the excess over $100,525 |
| Over $191,950 but not over $243,725 | $39,110.50 plus 32% of the excess over $191,150 |
| Over $243,725 but not over $609,350 | $55,678.50 plus 35% of the excess over $243,725 |
| Over $609,350 | $183,647.25 plus 37% of the excess over $609,350 |
Married Individuals Filing Separate Returns -- § 1(j)(2)(D)
| If Taxable Income Is: | The Tax Is: |
|---|---|
| Not over $11,600 | 10% of the taxable income |
| Over $11,600 but not over $47,150 | $1,160 plus 12% of the excess over $11,600 |
| Over $47,150 but not over $100,525 | $5,426 plus 22% of the excess over $47,150 |
| Over $100,525 but not over $191,950 | $17,168.50 plus 24% of the excess over $100,525 |
| Over $191,950 but not over $243,725 | $39,110.50 plus 32% of the excess over $191,150 |
| Over $243,725 but not over $365,600 | $55,678.50 plus 35% of the excess over $243,725 |
| Over $365,600 | $98,334.75 plus 37% of the excess over $365,600 |
Estates and Trusts - § 1(j)(2)(E)
| If Taxable Income Is: | The Tax Is: |
|---|---|
| Not over $3,100 | 10% of the taxable income |
| Over $3,100 but not over $11,150 | $310 plus 24% of the excess over $3,100 |
| Over $11,150 but not over $15,200 | $2,242 plus 35% of the excess over $11,150 |
| Over $15,200 | $3,659.50 plus 37% of the excess over $15,200 |
Note that there are only four income tax brackets for estates and trusts (while other taxpayers have seven brackets), and that they are compressed. The top tax rate of 37% is reached after earning merely $15,200 of income.
Maximum Capital Gains Rate -- § 1(h), § 1 (j)(5)
For taxable years beginning in 2024, the maximum zero rate amounts and maximum 15 percent rate amounts under § 1(j)(5)(B), as adjusted for inflation, are as follows:
| Filing Status | Maximum Zero Rate Amount | Maximum 15% Rate Amount |
|---|---|---|
| Married Individuals Filing Joint Returns and Surviving Spouse | $94,050 | $583,750 |
| Married Individuals Filing Separate Returns | $47,025 | $291,850 |
| Heads of Household | $63,000 | $551,350 |
| All Other Individuals | $47,025 | $518,900 |
| Estates and Trusts | $3,150 | $15,450 |
Hani Sarji
New York lawyer who cares about people, is fascinated by technology, and is writing his first book, Estate of Confusion: New York.
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