IRS announces new federal income tax brackets for 2025 [View all]

Source: CNBC

Published Tue, Oct 22 2024 10:00 AM EDT Updated 24 Min Ago


The IRS has announced new federal income tax brackets and standard deductions for 2025.

In its announcement on Tuesday, the agency raised the income thresholds for each bracket, which applies to tax year 2025 for returns filed in 2026.

The top rate of 37% applies to individuals with taxable income above $626,350 and married couples filing jointly earning $751,600 or more for 2025.

The IRS also boosted figures for dozens of other provisions, including long-term capital gains brackets, estate and gift tax exemption and eligibility for the child tax credit, among others.

Read more: https://www.cnbc.com/2024/10/22/irs-2025-federal-income-tax-brackets.html