2021 income tax brackets released: Where do you stand?

WASHINGTON (Nexstar) — The Internal Revenue Service has released 2021 tax brackets, including inflation adjustments for the next year.

The IRS also boosted the standard deduction for a single taxpayer to $12,550. That’s an increase of $150 from this year.

Married couples could see a $300 increase with a joint deduction of $25,100.

There are seven marginal tax brackets. The IRS will tax different portions of your income at different rates.

Here’s how the seven tax brackets will break down, according to the IRS:

10% – Applies to individual taxpayers with income under $9,950 ($19,900 for married filing jointly).
12% – Applies to individual taxpayers with income over $9,950 ($19,900 for married filing jointly).
22% – Applies to individual taxpayers with income over $40,525 ($81,050 for married filing jointly).
24% – Applies to individual taxpayers with income over $86,375 ($172,750 for married filing jointly).
32% – Applies to individual taxpayers with income over $164,925 ($329,850 for married filing jointly).
35% – Applies to individual taxpayers with income over $209,425 ($418,850 for married filing jointly).
37% – Applies to individual taxpayers with income over $523,600 ($628,300 for married filing jointly).

These 2021 figures will impact your 2022 filing.