IRS Announces 2027 Tax Year Inflation Adjustments
The IRS has announced its annual inflation adjustments for the 2027 tax year, increasing the standard deduction for individuals and married couples filing jointly, as well as the child tax credit amount per child. These adjustments are routine, based on…
Biloxi Gulfport, MS, November 10, 2026 —
The Internal Revenue Service (IRS) has released its annual inflation adjustments for the upcoming 2027 tax year. These adjustments, which are a routine part of tax code administration, will impact the amounts of several key tax provisions.
Specifically, the standard deduction for both individuals and married couples filing jointly is set to increase. This adjustment means that more income can be deducted before taxes are applied, potentially reducing the overall tax liability for many taxpayers. The specific new amounts for the standard deduction were not detailed in the announcement summary.
In addition to the standard deduction, the amount of the child tax credit per child will also be adjusted for inflation. This credit provides a tax reduction for families with qualifying children. The increase aims to maintain the purchasing power of the credit in light of economic changes. The exact figure for the adjusted child tax credit per child was not provided in the summary.
These inflation adjustments are calculated based on the consumer price index from the preceding year. They are designed to account for changes in the cost of living and ensure that tax brackets and credits do not become less effective over time due to inflation.
The changes announced today will apply to tax returns that taxpayers file in the year 2028, covering income earned during the 2027 tax year. Taxpayers are advised to consult official IRS guidance for the precise figures and their specific implications when preparing their tax filings closer to the filing season. The specific details regarding the calculation basis or any potential phase-out adjustments were not included in the provided summary.
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