IRS Released Inflation Adjustments

Written By Duncan Carter

For 2024 - the IRS has released their annual inflation adjustments. Every year, these amounts vary based on what is happening in the economy - but notable adjustments include:

  • Standard Deduction for Married Filing Joint rises to $29,200, Filing Single to $14,600, and Head of Household to $21,900.

  • The Estate Tax exclusion rose from $12,920,000 to $13,610,000

  • The monthly-limit for parking as a fringe benefit rose from $300 to $315

  • The annual gift exclusion rose from $17,000 to $18,000 (this is the amount you can gift a single individual in a year and not have it count toward your Estate Tax exclusion)

  • The Foreign Earned Income exclusion rose from $126,500 from $120,000

Duncan Carter
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