Understanding 2024 Income Tax Brackets and IRMAA Brackets for 2026: A Comprehensive Guide

As the new year approaches, it's essential to stay informed about the latest updates on income tax brackets and IRMAA (Income-Related Monthly Adjustment Amount) brackets. In this article, we'll delve into the 2024 income tax brackets and IRMAA brackets for 2026, providing you with a comprehensive guide to help you navigate the complex world of taxation.

2024 Income Tax Brackets

The IRS (Internal Revenue Service) has announced the 2024 income tax brackets, which will take effect on January 1, 2024. The new tax brackets are designed to keep pace with inflation, ensuring that taxpayers are not pushed into higher tax brackets due to rising prices. The 2024 income tax brackets are as follows:

• 10%: $0 to $11,600 (single) and $0 to $23,200 (joint)
• 12%: $11,601 to $47,150 (single) and $23,201 to $94,300 (joint)
• 22%: $47,151 to $100,525 (single) and $94,301 to $201,050 (joint)
• 24%: $100,526 to $191,950 (single) and $201,051 to $383,900 (joint)
• 32%: $191,951 to $243,725 (single) and $383,901 to $487,450 (joint)
• 35%: $243,726 to $609,350 (single) and $487,451 to $731,200 (joint)
• 37%: $609,351 and above (single) and $731,201 and above (joint)

IRMAA Brackets for 2026

IRMAA is a surcharge on Medicare Part B and Part D premiums for individuals with higher incomes. The IRMAA brackets for 2026 have also been announced, and they will take effect on January 1, 2026. The new IRMAA brackets are as follows:

• Individuals with incomes between $97,000 and $123,000 will pay a surcharge of $65.90 per month
• Individuals with incomes between $123,001 and $153,000 will pay a surcharge of $159.30 per month
• Individuals with incomes between $153,001 and $183,000 will pay a surcharge of $252.70 per month
• Individuals with incomes above $183,000 will pay a surcharge of $346.10 per month

Understanding the 2024 income tax brackets and IRMAA brackets for 2026 is crucial for effective tax planning. By staying informed about the latest updates, you can make informed decisions about your finances and minimize your tax liability. Whether you're an individual or a business owner, it's essential to consult with a tax professional to ensure you're taking advantage of all the available tax deductions and credits. At Intuit, we're committed to providing you with the latest information and resources to help you navigate the complex world of taxation. Our team of experts is dedicated to providing you with accurate and up-to-date information, so you can make informed decisions about your finances. Stay tuned for more updates and insights on tax planning and preparation.

Source: Intuit

Note: The information provided in this article is subject to change and may not reflect the most up-to-date information. It's essential to consult with a tax professional or the IRS website for the most accurate and current information.