Based on IRS Revenue Procedure 2024-40, key updates include:
- Standard deductions: $15,000 (single), $22,500 (HOH), $30,000 (married filing jointly)
- Additional standard deduction for age/blindness: +$2,000 (single), +$1,600 (married)
- Tax brackets: Unchanged rates (10-37%), but income thresholds increased (e.g. 37% at $626,350 single; $751,600 MFJ)
- AMT exemptions: $88,100 (single), $137,000 (MFJ) with phaseouts starting at $626,350/$1.25 M
- Earned income credit (3+ children): max $8,046
- Foreign earned income exclusion: $130,000
- Mileage rate: 67 ¢/mile business, 22 ¢/mile medical/charity
- Retirement & fringe: 401(k) max $23,500, IRA remains $7,000 ($1,000 catch-up)
