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It's a new year, and we have new 2024 tax brackets. That's good news, because you could be getting more money, after the IRS's annual inflation adjustments for tax year 2024. More money a good thing.
The IRS announced the annual inflation adjustments in November. Each year, they adjust tax brackets so that a "bracket creep" doesn't happen, which is when inflation puts some taxpayers in a higher income tax bracket, even with no increase in real income. The "bracket creep" can also influence other factors, so the IRS tries to avoid it. Also, any of the changes that were announced as 2024 adjustments will apply to income tax returns filed in 2025.
Gobankingrates.com has listed the relevant tax changes for the 2024 tax year. They also state that standard deductions are going up.
Standard Deductions for 2024 Tax Year (via Gobankingrates.com):
- "The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023."
- "For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023"
- "For heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023."
As for tax brackets, Gobankingrates.com states, "For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly)." In addition, the IRS increased the threshold for the tax year 2024 maximum Earned Income Tax Credit amount to $7,830. That only for qualifying taxpayers who have three or more qualifying children, up from $7,430 for tax year 2023.
The other rates are (via Gobankingrates.com):
- "35% for incomes over $243,725 ($487,450 for married couples filing jointly)
- "32% for incomes over $191,950 ($383,900 for married couples filing jointly)"
- "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)"
- "10% for incomes of $11,600 or less ($23,200 or less for married couples filing jointly)"
Anyone who was born on the cusp of a generation knows how frustrating it can be to figure out your generation's traits. You don't fit into one nice box. You might have traits from both generations. One of my family members is on the cusp on being a Baby Boomer and part of the Me Generation, and she's always talking about how her whole life, she never really fit into the traits of either generations. Well, if you were born on the cusp of the Millennials and Generation X, then you are technically in the Xennial Generation.
But, there more to it than that. Read on for some very specific traits and memories that are specific to the Xennial Generation.
So, congratulations. You don't fit in. But, who wants to fit in, anyway? You're part of a microgeneration, teetering somewhere between Generation X and Millennials. But, you're also unique, because you've experienced international events and experiences that both generations share.
Pew Research states that those in Generation X were born between 1965 and 1980. Millennials were born between 1981 and 1996. Xennials, however, were born between 1977 and 1983. It's an interesting generation, because you were young when technology came out, such as computers, but you haven't lived with this technology your whole life. In fact, Dan Woodman, sociology professor of the University of Melbourne, sums it up pretty well. "You have a childhood, youth and adolescence free of having to worry about social media posts and mobile phones," he said (via mamamia.com.au). "It was a time when we had to organize to catch up with our friends on the weekends using the landline, and actually pick a time and a place and turn up there."
So, how do you know that you're really a Xennial? Of course, if you were born between 1977 and 1983, you're one of them. But, read on for some additional trails. You might have some major "ah-ha" moments here. And, hey, wear your Xennial badge proudly. You've experienced it all.
How to Tell If You're in the 'Xennial Generation'
You remember the Challenger tragedy..but barely
Space Shuttle Challenger explosion and tragedy took place in January 1986. If you're a Xennial, you might have very faint memories of this happening, but you were very young. Xennials would be somewhere between the ages of 3 and 9 when this happened, whereas, Millennials would be 2 or younger or not born yet. Consequently, Gen X would be older than 9 so have much more distinct memories of the event.
You remember the fall of the Berlin Wall..but barely
If you were a child during the fall of the Berlin Wall, then you might be a Xennial. The Berlin Wall fell in November 1989. Xennials would be somewhere between the ages of 6 and 12. So, you were perhaps too young to understand or really comprehend what was going on, but you knew it was going on.
You remember a time with no cell phone..but you've had one most of your life
The first cell phones came out Xennials were in their 20s or even late teens. So, Xennials remember a time with rotary phones and phone booths. But, most of their lives, they've had cell phones.
You aren't an optimist or a pessimist
In general, Gen X is regarded as being a fairly pessimistic generation, while Millennials are optimistic. But, Xennials have both traits. At the very least, they have both their pessimistic and optimistic moments, but don't sway one way or another.
You weren't born into an era with computers or Facebook, but you had them early on
Xennials got computers as young as in their elementary and middle school years. But, these computers were very primitive, and this was long before Facebook or, ha, MySpace. So, Xennials tend to be pretty tech-savvy, having grown up with tech, but they come from a different perspective, since their first experiences with technology were nothing like the tech of today.
