A change in the tax law could end up allowing taxpayers in New York to take home more money in 2024.

The IRS is changing the income brackets for 2024, and that means some people will be moved to a lower-taxed bracket. Meaning that their take-home pay after taxes will be more.

The changes to the standard deduction and income brackets will begin in 2024 and apply to tax returns filed starting in 2025.

CHANGES IN THE STANDARD DEDUCTION

If you use the standard deduction when you file your taxes, there will be an increase in that amount. It will go up by $1500 to $29,000 for married couples who file jointly and for single taxpayers it will increase by $750 to $14,600. For anyone who files as "head of household" the standard deduction will increase by $1100 to $21,900.

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CHANGES IN THE INCOME BRACKETS

The IRS is changing the income brackets so you might be moved into a lower-taxed bracket in 2024.

If your taxable income is greater than:

$609,350 ($731,200 for married couples filing jointly):  37% Tax Rate
$243,725 ($487,450 for married couples filing jointly):  35% Tax Rate
$191,950 ($383,900 for married couples filing jointly): 32% Tax Rate
$100,525 ($201,050 for married couples filing jointly):  24% Tax Rate
$47,150 ($94,300 for married couples filing jointly) 22% Tax Rate
$11,600 ($23,200 for married couples filing jointly) 12% Tax Rate

OTHER CHANGES COMING IN 2024

There will be a change to the alternative minimum tax exemption amount as well. It will increase to $85,700 for individuals from $81,300, and it will phase out at $609,350 instead of $578,150. For married couples filing jointly, the 2024 exemption is $133,300, phasing out at $1,218,700.


You can see all the changes HERE.

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