Irs 2024 Standard Deductions And Tax Bracketsimple Ira Contribution Limits 2024. There are seven federal tax brackets for tax year 2024. To keep in line with inflation, the irs has raised income thresholds for all tax brackets and increased the standard deduction.

The annual contribution limit will be $7,000 instead of $6,500 (or 100. For single filers, this number increased.