IRS sets higher 2027 standard deduction and child tax credit

The short version

• The IRS released its annual inflation adjustments for the 2027 tax year on Nov. 5.[Associated Press]
• The single filer standard deduction rises to $16,600, and the joint filer deduction rises to $33,200.[Associated Press]
• The child tax credit rises by $100 to a $2,300 maximum per child, applying to 2028 returns.[Associated Press]
• The increases are described as routine, tracking a roughly 3.2% inflation rise.[Associated Press]

Key facts

• The IRS released its 2027 inflation adjustments on Nov. 5, applying to tax returns filed in 2028.[Associated Press]
• The adjustments reflect an inflation increase of about 3.2%.[Associated Press]
• The single filer standard deduction rises to $16,600 from $16,100.[Associated Press]
• The married filing jointly standard deduction rises to $33,200 from $32,200.[Associated Press]
• The heads of household standard deduction rises to $24,925 from $24,150.[Associated Press]
• The child tax credit rises by $100 to a maximum of $2,300 per child, and the refundable portion rises by $100 to $1,800.[Associated Press]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• IRS raises 2027 standard deduction and child tax credit in its annual inflation adjustmentsAssociated Press · Wire: associated-press