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2024 Tax Inflation Adjustments

1 min

TL;DR

On November 9, 2023, Revenue Procedure 2023-34 was released and provided updated tax provisions for individual taxpayers to use on their 2024 tax returns, typically filed in 2025. This revenue procedure announced more than 60 provisions being updated for annual inflation adjustments.

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Revenue procedure announced more than 60 provisions being updated for annual inflation adjustments. A few key areas not affected are:

 

  • The personal exemption remains at $0 for 2024.
  • There is no limitation on itemized deductions.
  • The Lifetime Learning Credit continues to be phased out for taxpayers with modified adjusted gross income over $80,000 ($160,000 for married filing joint).

 

A few key areas that were affected are highlighted in the tables below:

Sources: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024