IRS Releases Tax Year 2027 Inflation Adjustments: Standard Deduction Rises to $33,200 for Joint Filers
The Internal Revenue Service announced on November 5 the tax year 2027 annual inflation adjustments for almost 70 tax provisions, including the tax rate schedules and standard deduction amounts, detailed in Revenue Procedure 2026-35. The adjustments generally apply to tax returns filed in 2028.
For tax year 2027, the standard deduction rises to $33,200 for married couples filing jointly, up $1,000 from 2026; $16,600 for single taxpayers and married individuals filing separately; and $24,925 for heads of households. The top marginal rate remains 37% for single taxpayers with incomes over $661,375 ($793,650 for joint filers).
Family-related amounts also rise: the maximum Child Tax Credit for 2027 is $2,300, up $100, with the refundable portion at $1,800; the estate tax basic exclusion rises to $15,480,000; the annual gift exclusion rises to $20,000 per recipient; the maximum Earned Income Tax Credit is $8,496 for taxpayers with three or more qualifying children; and businesses may expense up to $2,640,000 of section 179 property.
IRS Chief Executive Officer Frank J. Bisignano said hardworking American taxpayers will continue to benefit from the Working Families Tax Cuts, with increased benefits ranging from a higher standard deduction and Child Tax Credit for families to a boost in the amount businesses can expense. Revenue Procedure 2026-35 will be published in Internal Revenue Bulletin 2026-48, dated November 23, 2026.
(Source: Internal Revenue Service)
Source: Internal Revenue Service
Published by GSM · USA (original Chinese edition)
Photo: 图：美国国税局总部大楼（华盛顿）。Carol M. Highsmith 摄，公共领域，经 Wikimedia Commons。 / Photo: IRS headquarters building in Washington. Photo by Carol M. Highsmith, public domain, via Wikimedia Commons.
