By Marcus Nkire
The Internal Revenue Service (IRS) has released updated federal income tax brackets and standard deductions for the 2026 tax year, which will apply to returns filed in 2027.
Under the revised framework, the top marginal rate of 37% will apply to individuals earning more than $640,600 in taxable income, and to married couples filing jointly with incomes above $768,700.
The IRS also raised thresholds for long-term capital gains brackets, the estate and gift tax exemption, and eligibility for the earned income tax credit.
For 2026, the standard deduction will increase to $32,200 for married couples filing jointly, up from $31,500 in 2025. Single filers will be able to claim $16,100, compared with $15,750 the previous year.
These adjustments are designed to account for inflation and are part of the IRS’ annual tax bracket updates.
The announcement comes amid ongoing challenges for the agency, including a government shutdown that has already forced the furlough of nearly half of its workforce.
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