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November 10, 2023 at 02:56 PM
The Internal Revenue Service on Thursday released inflation adjustments for more than 60 provisions that will apply for tax year 2024.
The full list of tax year adjustments is available in Revenue Procedure 2023-34 and generally applies to tax returns filed in 2025.
Another year of persistent inflation is reflected in the newly released adjustments to tax brackets, estate exemptions and more. According to the latest inflation data available from the U.S. Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers increased 3.7% over the 12 months ending in September (before seasonal adjustment).
This elevated level of inflation is reflected in sizable increases in many key tax brackets and exemption limits set by the IRS for tax year 2024 — including the limits for qualified retirement plans, which were published by the IRS earlier in November.
Notably, one set of limits will actually fall for 2024, reflecting the way changes in interest rates and COVID-era mortality figures have affected the long-term care insurance market.
See the accompanying gallery for 13 of the IRS’ tax inflation adjustments for 2024.
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