"2024 IRS Updates: Income Tax Brackets, HSA/FSA Limits, and Retirement Contributions Explained"

The IRS has announced new income tax brackets for the 2024 tax year, including adjustments to the standard deduction and marginal rates. The standard deduction for married couples filing jointly will increase to $29,200, while the top tax rate remains at 37% for individual single taxpayers with incomes over $609,350. Other changes include adjustments to the Alternative Minimum Tax exemption amount, the Earned Income Tax Credit amount, and various limits for health flexible spending arrangements and retirement savings accounts.