Maine 2024 Individual Income Tax Rate Schedules, Personal Exemption, Standard Deduction Released

By Jennifer J. Troyer

Maine Revenue Services released the individual income tax rate schedules and personal exemption and standard deduction amounts, which are adjusted for inflation, for tax years beginning in 2024. (Individual Income Tax 2024 Rates, Maine Revenue Services, 09/15/2023.)

Single individuals and married persons filing separate returns.

For single individuals and married persons filing separate returns, if the taxable income is: less than $26,050, the tax is 5.8% of Maine taxable income; $26,050 but less than $61,600, the tax is $1,511 plus 6.75% of the excess over $26,050; or $61,600 or more, the tax is $3,911 plus 7.15% of the excess over $61,600.

Unmarried or legally separated individuals who qualify as heads-of-household.

For unmarried or legally separated individuals who qualify as heads-of-household, if the taxable income is: less than $39,050, the tax is 5.8% of Maine taxable income; $39,050 but less than $92,450, the tax is $2,265 plus 6.75% of the excess over $39,050; or $92,450 or more, the tax is $5,870 plus 7.15% of the excess over $92,450.

Married individuals and surviving spouses filing joint returns.

For married individuals and surviving spouses filing joint returns, if the taxable income is: less than $52,100, the tax is 5.8% of Maine taxable income; $52,100 but less than $123,250, the tax is $3,022 plus 6.75% of the excess over $52,100; or $123,250 or more, the tax is $7,825 plus 7.15% of the excess over $123,250.

Personal exemption.

The personal exemption amount is $5,000.

Standard deduction. The standard deduction amounts are as follows: single-$14,600; married filing jointly-$29,200; head-of-household-$21,900; and married filing separately-$14,600.

Additional amount for age or blindness.

The additional amount for age or blindness is $1,550 if married (whether filing jointly or separately) or a qualified surviving spouse. The additional amount is $3,100 if one spouse is 65 or over and blind; $3,100 if both spouses are 65 or over (if married filing separately, this amount applies only if the taxpayer can claim an exemption for his or her spouse); $6,200 if both spouses are 65 or over and blind (if married filing separately, this amount applies only if the taxpayer can claim an exemption for his or her spouse). The additional amount is $1,950 if the taxpayer is unmarried (single or head-of-household). The additional amount is $3,900 if the individual is both 65 or over and blind.

Inflation adjustment.

The new schedules apply the cost-of-living adjustment factor of 1.238 to the lowest dollar amounts, and the cost-of-living adjustment factor of 1.233 to the highest dollar amounts, in the tax rate tables for tax years beginning in 2024. The Maine personal exemption amount is adjusted by multiplying the cost-of-living adjustment, 1.215, by the dollar amount of the personal exemption specified in Me. Rev. Stat. Ann. Title 36 § 5126-A(1), for the taxpayer and the taxpayer’s spouse, if married. The Maine standard deduction amount is equal to the federal standard deduction amount. These tax rate schedules cannot be used to determine income tax withholding from wages.