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IRS Update, 2024
Child Tax Credit (CTC) - $1,900 in 2024, and will be $2,000 in 2025
Earned Income Tax Credit (EITC) - The tax year 2024 maximum Earned Income Tax Credit amount is $7,830 for qualifying taxpayers who have three or more qualifying children, an increase of from $7,430 for tax year 2023. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.
Marginal rates:
24% for incomes over $100,525 ($201,050 for married couples filing jointly)
22% for incomes over $47,150 ($94,300 for married couples filing jointly)
12% for incomes over $11,600 ($23,200 for married couples filing jointly)
The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).
Our #1 goal is satisfying our client’s needs, whether it’s Tax Preparation or Notary Public.
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