Current Tax rates
Current rates information provided by IRS
2025 Tax Brackets
Income Tax Brackets and Rates
The 2025 income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The Seven federal income tax rates for 2025 are… 10% – 12% – 22% – 24% – 32% – 35% – 37% (no changes from 2024). The marginal income tax rate of 37% will apply to taxpayers with taxable income above $626,350 (single filers), and $751,600 is the target for married couples filing jointly…(SEE Table 1)
| Rate | Single Individuals - Taxable Income Over | Married Individuals Filing Joint Returns - Taxable Income Over | Heads of Households - Taxable Income Over |
|---|---|---|---|
| 10% | Up to $11,925 | Up to $23,850 | Up to $17,000 |
| 12% | $11,925 up to $48,475 | $23,850 up to $96,950 | $17,000 up to $64,850 |
| 22% | $48,475 up to $103,350 | $96,950 up to $206,700 | $64,850 up to $103,350 |
| 24% | $103,350 up to $197,300 | $206,700 up to $394,600 | $103,350 up to $197,300 |
| 32% | $197,300 up to $250,525 | $394,600 up to $501,050 | $197,300 up to $250,500 |
| 35% | $250,525 up to $626,350 | $501,050 up to $751,600 | $250,500 up to $626,350 |
| 37% | At or above $626,350 | At or above $751,600 | At or above $626,350 |
2024 Tax Brackets
Income Tax Brackets and Rates
The 2024 income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The Seven federal income tax rates for 2024 are… 10% – 12% – 22% – 24% – 32% – 35% – 37% (no changes from 2023). The marginal income tax rate of 37% will apply to taxpayers with taxable income above $609,350 (single filers), and $731,200 is the target for married couples filing jointly…(SEE Table 1)
| Rate | Single Individuals - Taxable Income Over | Married Individuals Filing Joint Returns - Taxable Income Over | Heads of Households - Taxable Income Over |
|---|---|---|---|
| 10% | Up to $11,600 | Up to $23,200 | Up to $16,550 |
| 12% | $11,600 up to $47,150 | $23,200 up to $94,300 | $16,550 up to $63,100 |
| 22% | $47,150 up to $100,525 | $94,300 up to $201,050 | $63,100 up to $100,500 |
| 24% | $100,525 up to $191,950 | $201,050 up to $383,900 | $100,500 up to $191,950 |
| 32% | $191,950 up to $243,725 | $383,900 up to $487,450 | $191,950 up to $243,700 |
| 35% | $243,725 up to $609,350 | $487,450 up to $731,200 | $243,700 up to $609,350 |
| 37% | At or above $609,350 | At or above $731,200 | At or above $609,350 |
Standard Deduction & Personal Exemption 2025
2025 has standard deductions for single filers increasing by $400; $800 for married couples filing jointly. Seniors over the age of 65 are eligible to claim an additional standard deduction of $2,000 for single filers and $1,600 for joint filers. Personal exemptions for 2025 remains at $0 (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017 )
| Filing Status | Deduction Amount |
|---|---|
| Single | $15,000 |
| Married Filing Jointly | $30,000 |
| Head of Household | $22,500 |
| Married Seniors Additional Deductions | $1,600 |
| Unmarried Seniors Additional Deductions | $2,000 |
Standard Deduction & Personal Exemption 2024
2024 has standard deductions for single filers increasing by $750; $1500 for married couples filing jointly. Seniors over the age of 65 are eligible to claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. Personal exemptions for 2024 remains at ZERO (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017 )
| Filing Status | Deduction Amount |
|---|---|
| Single | $14,600 |
| Married Filing Jointly | $29,200 |
| Head of Household | $21,900 |
| Married Seniors Additional Deductions | $1,550 |
| Unmarried Seniors Additional Deductions | $1,950 |
Alternative Minimum Tax 2025
Created in the 1960s, The Alternative Minimum Tax (AMT) was setup to prevent high-income taxpayers from avoiding the individual income tax. This parallel tax income system requires high-income taxpayers to calculate their tax bill twice: once under the ordinary income tax system and again under the AMT. The taxpayer then needs to pay the higher of the two. More information can be found at IRS.Gov (SEE Table 3).
| Filing Status | Exemption Amount |
|---|---|
| Unmarried Individuals | $88,100 |
| Married Filing Jointly | $137,000 |
2025 keeps the AMT rate at 28%. This rate applies to excess AMTI of $239,100 for all taxpayers ($119,550 for married couples who file separate returns).
The AMT exemptions phase out at 25 cents per dollar earned once a taxpayers AMTI hits a certain threshold. In 2025, the exemption will start phasing out at $626,350 in AMTI for single filers and $1,252,700 for married taxpayers filing jointly (SEE Table 4).
| Filing Status | Exemption Amount |
|---|---|
| Unmarried Individuals | $626,350 |
| Married Filing Jointly | $1,252,700 |
Alternative Minimum Tax 2024
Created in the 1960s, The Alternative Minimum Tax (AMT) was setup to prevent high-income taxpayers from avoiding the individual income tax. This parallel tax income system requires high-income taxpayers to calculate their tax bill twice: once under the ordinary income tax system and again under the AMT. The taxpayer then needs to pay the higher of the two. More information can be found at IRS.Gov (SEE Table 3).
| Filing Status | Exemption Amount |
|---|---|
| Unmarried Individuals | $85,700 |
| Married Filing Jointly | $133,300 |
2024 keeps the AMT rate at 28%. This rate applies to excess AMTI of $232,600 for all taxpayers ($116,300 for married couples who file separate returns).
The AMT exemptions phase out at 25 cents per dollar earned once a taxpayers AMTI hits a certain threshold. In 2024, the exemption will start phasing out at $609,350 in AMTI for single filers and $1,218,700 for married taxpayers filing jointly (SEE Table 4).
| Filing Status | Exemption Amount |
|---|---|
| Unmarried Individuals | $609,350 |
| Married Filing Jointly | $1,218,700 |
Earned Income Tax Credit 2025
The 2025 Maximum Earned Income Tax Credit (EITC) for single and joint filers is $649 (no children) (SEE Table 5). The maximum credit is $4,328 for one child, $7,152 for two children, and $8,046 for three or more children.
| Filing Status | Single or Head of Household | No Children | One Child | Two Children | Three or More Children |
|---|---|---|---|---|---|
| Income at Max Credit | $8,490 | $12,730 | $17,880 | $17,880 | |
| Maximum Credit | $649 | $4,328 | $7,152 | $8,046 | |
| Phaseout Begins | $10,620 | $23,350 | $23,350 | $23,350 | |
| Phaseout Ends (Credit Equals 0 (Zero)) | $19,104 | $50,434 | $57,310 | $61,555 |
| Filing Status | Married Filing Jointly | No Children | One Child | Two Children | Three or More Children |
|---|---|---|---|---|---|
| Income at Max Credit | $8,490 | $12,730 | $17,880 | $17,880 | |
| Maximum Credit | $649 | $4,328 | $7,152 | $8,046 | |
| Phaseout Begins | $17,730 | $30,470 | $30,470 | $30,470 | |
| Phaseout Ends (Credit Equals 0 (Zero)) | $26,214 | $57,554 | $64,430 | $68,675 |
Earned Income Tax Credit 2024
The 2024 Maximum Earned Income Tax Credit (EITC) for single and joint filers is $632 (no children) (SEE Table 5). The maximum credit is $4,213 for one child, $6,960 for two children, and $7,830 for three or more children.
| Filing Status | Single or Head of Household | No Children | One Child | Two Children | Three or More Children |
|---|---|---|---|---|---|
| Income at Max Credit | $8,260 | $12,390 | $17,400 | $17,400 | |
| Maximum Credit | $632 | $4,213 | $6,960 | $7,830 | |
| Phaseout Begins | $10,330 | $22,720 | $22,720 | $22,720 | |
| Phaseout Ends (Credit Equals 0 (Zero)) | $18,591 | $49,084 | $55,768 | $59,899 |
| Filing Status | Single or Head of Household | No Children | One Child | Two Children | Three or More Children |
|---|---|---|---|---|---|
| Income at Max Credit | $8,260 | $12,390 | $17,400 | $17,400 | |
| Maximum Credit | $632 | $4,213 | $6,960 | $7,830 | |
| Phaseout Begins | $17,250 | $29,640 | $29,640 | $29,640 | |
| Phaseout Ends (Credit Equals 0 (Zero)) | $25,511 | $56,004 | $62,688 | $66,819 |
Qualified Business Income Deduction 2025
Within the Tax Cuts and Jobs Act, there is an inclusion of a 20% deduction in 2025 for pass-through businesses with $197,300 of qualified business income for single taxpayers and $394,600 for married taxpayers filing jointly (SEE Table 6).
| Filing Status | Threshold |
|---|---|
| Unmarried Individuals | $197,300 |
| Married Filing Jointly | $394,600 |
Qualified Business Income Deduction 2024
Within the Tax Cuts and Jobs Act, there is an inclusion of a 20% deduction in 2024 for pass-through businesses with $191,950 of qualified business income for single taxpayers and $383,900 for married taxpayers filing jointly (SEE Table 6).
| Filing Status | Threshold |
|---|---|
| Unmarried Individuals | $191,950 |
| Married Filing Jointly | $383,900 |
Child Tax Credit 2025
The maximum Child Tax Credit for 2025 is $2,000 per child who qualifies, with no adjustments for inflation. The amount that may be refunded for the Child Tax Credit is adjusted for inflation and increases to $1,700 in 2025.
Child Tax Credit 2024
The maximum Child Tax Credit for 2024 is $2,000 per child who qualifies, with no adjustments for inflation. The amount that may be refunded for the Child Tax Credit is adjusted for inflation and increases from $1,600 to $1,700 in 2024.
2025 Annual Exclusion for Gifts
For 2025, the first $19,000 of gifts to any person is excluded from tax. Exclusions are increased to $190,000 from $185,000 for gifts to spouses who’re not citizens of the United States.
2024 Annual Exclusion for Gifts
For 2024, the first $18,000 of gifts to any person is excluded from tax. Exclusions are increased to $185,000 from $175,000 for gifts to spouses who’re not citizens of the United States.
2025 Capital Gains Tax Rates & Brackets (Long-term Capital Gains)
Capital Gains, long term, are taxed using different rates and brackets compared to standard income.
| Unmarried Individuals - Taxable Income Over | Married Individuals Filing Joint Returns - Taxable Income Over | Heads of Households - Taxable Income Over | |
|---|---|---|---|
| 0% | $0 | $0 | $0 |
| 15% | $48,350 | $96,700 | $64,750 |
| 20% | $533,400 | $600,050 | $566,700 |
2024 Capital Gains Tax Rates & Brackets (Long-term Capital Gains)
Capital Gains, long term, are taxed using different rates and brackets compared to standard income.
| Unmarried Individuals - Taxable Income Over | Married Individuals Filing Joint Returns - Taxable Income Over | Heads of Households - Taxable Income Over | |
|---|---|---|---|
| 0% | $0 | $0 | $0 |
| 15% | $47,025 | $94,050 | $63,000 |
| 20% | $518,900 | $583,750 | $551,350 |
