IRS Announces 2027 Federal Tax Brackets
The Internal Revenue Service has updated the federal income tax brackets for the upcoming tax year, reflecting annual inflation adjustments.
New Tax Brackets Effective in 2027
The Internal Revenue Service (IRS) has announced the new federal income tax brackets for the 2027 tax year, which will be effective for tax returns filed in 2028.
The top tax rate of 37% will apply to individuals with taxable income above $661,375 and married couples filing jointly earning $793,650 or more. The tax brackets include seven income tiers, with rates ranging from 10% to 37%, each applying to different bands of income.
Increased Standard Deductions
The standard deduction will also see an increase, rising to $33,200 for married couples filing jointly, up from $32,200 in 2026. Single filers can claim $16,600, a boost from $16,100.
These adjustments are made annually based on the consumer price index (CPI) to account for inflation and prevent 'bracket creep,' where taxpayers move into higher tax brackets due to inflation without a corresponding increase in their purchasing power.
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