STATEN ISLAND, N.Y. — Still need to file your taxes before the April 15 deadline? If you saw a significant change in income over the past year, you may find yourself in a new tax bracket.
In October, the Internal Revenue Service (IRS) announced new brackets with adjusted thresholds, boasting upper limits that are 7% higher than last year. The tax rates have remained the same, ranging from 10% to 37% depending on an individual’s total taxable income.
In addition to the new tax brackets, the standard deduction, the amount you can deduct to adjust the amount of income on which you’re taxed, has also increased from $12,950 to $13,850 for single filers and from $25,900 to $27,700 for married couples filing jointly.
Here’s a look at the new tax brackets that will be used when filing in 2024.
MARGINAL TAX BRACKETS FOR SINGLE FILERS
- $11,000 or less in taxable income – 10% of taxable income
- $11,001 to $44,725 in taxable income – $1,100 plus 12% over $11,000
- $44,726 to $95,375 in taxable income – $5,147 plus 22% over $44,725
- $95,376 to $182,100 in taxable income – $16,290 plus 24% over $95,375
- $182,101 to $231,250 in taxable income – $37,104 plus 32% over $182,100
- $231,251 to $578,125 in taxable income – $52,832 plus 35% over $231,250
- $578,126 or more in taxable income – $174,238 plus 37% over $578,125
MARGINAL TAX BRACKETS FOR MARRIED COUPLES FILING JOINTLY
- $22,000 or less in taxable income – 10% of taxable income
- $22,001 to $89,450 in taxable income – $2,200 plus 12% over $22,000
- $89,451-$190,750 in taxable income – $10,294 plus 22% over $89,450
- $190,751-$364,200 in taxable income – $32,580 plus 24% over $190,750
- $364,201 to $462,500 in taxable income –$74,208 plus 32% over $364,200
- $462,501 to $693,759 in taxable income – $105,664 plus 35% over $462,500
- $693,751 or more in taxable income – $186,601 plus 37% over $693,750
FILING IN 2025
The IRS has also announced new income tax brackets for tax year 2024, which will be used when filing taxes in 2025.
The standard deduction will also increase from $13,850 to $14,600 for single filers and from $27,700 to $29,200 for married couples filing jointly.
Here’s a look at the new tax brackets that will be used when filing in 2025.
TAX BRACKETS FOR SINGLE FILERS
- $11,600 or less in taxable income – 10% of taxable income
- $11,600 to $47,150 in taxable income – $1,160 plus 12% of the excess over $11,600
- $47,150 to $100,525 in taxable income – $5,426 plus 22% of the excess over $47,150
- $100,525 to $191,950 in taxable income – $17,168.50 plus 24% of the excess over $100,525
- $191,950 to $243,725 in taxable income – $39,110.50 plus 32% of the excess over $191,150
- $243,725 to $609,350 in taxable income – $55,678.50 plus 35% of the excess over $243,725
- $609,350 or more in taxable income – $183,647.25 plus 37% of the excess over $609,350
TAX BRACKETS FOR MARRIED COUPLES FILING JOINTLY
- $23,200 or less in taxable income – 10% of taxable income
- $23,200 but not over $94,300 – $2,320 plus 12% of the excess over $23,200
- $94,300 but not over $201,050 – $10,852 plus 22% of the excess over $94,300
- $201,050 but not over $383,900 – $34,337 plus 24% of the excess over $201,050
- $383,900 but not over $487,450 – $78,221 plus 32% of the excess over $383,900
- $487,450 but not over $731,200 – $111,357 plus 35% of the excess over $487,450
- $731,200 or more in taxable income – $196,669.50 plus 37% of the excess over $731,200
TRACKING YOUR REFUND
If you’re one of the millions of Americans who have already sent in their tax returns, there are online portals that will allow you to monitor the status of your refund.
For federal taxes, residents can use the IRS “Where’s My Refund” tool or the IRS2Go mobile app to see when their refunds have been received, processed and sent.
Refund status will appear roughly 24 hours after you e-file a current-year return, three or four days after you e-file a prior-year return or four weeks after you file a paper return.
To access the information, which is updated overnight each day, residents must provide their Social Security or individual taxpayer ID number (ITIN), filing status and exact refund amount on their return.
Once refunds are sent, those using direct deposit should receive their refund within five days, while those expecting checks in the mail may have to wait several weeks.
For state taxes, New Yorkers can visit the Department of Taxation and Finance website and click “Check refund status.”
This allows residents to see if their return has been received; when it has being processed; if the return requires additional review; if the state requires additional information; if a requested refund amount has been adjusted and when a refund has been issued.