Irs Releases New Income Tax Brackets For 2024. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. The irs is changing over 60 tax provisions for the 2024 tax year, including a 5% increase to the standard deduction, due to inflation.

A handful of tax provisions, including the standard deduction and tax brackets, will see new. See current federal tax brackets and rates based on your income and filing status.