Numbers to know when you file your 2012 tax return
Jan 22, 2013, 4:57 PM
(AP) – Key numbers to know when filing your 2012 tax returns, according to the Internal Revenue Service:
PERSONAL EXEMPTION:
_Each personal or dependent exemption is worth $3,800.
STANDARD DEDUCTION:
_$11,900 for married couples filing a joint return, and qualifying widows and widowers
_$5,950 for singles and married individuals filing separate returns
_$8,700 for heads of household
_Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.
ALTERNATIVE MINIMUM TAX THRESHOLD:
_$78,750 for a married couple filing a joint return, and qualifying widows and widowers
_$50,600 for singles and heads of household
INCOME TAX BRACKETS:
_10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent
EARNED INCOME TAX CREDIT:
To qualify income can be no greater than:
_$45,060 ($50,270 married filing jointly) with three or more qualifying children
_$41,952 ($47,162 married filing jointly) with two qualifying children
_$36,920 ($42,130 married filing jointly) with one qualifying child
_$13,980 ($19,190 married filing jointly) with no qualifying children
Investment income cannot be more than $3,200 or less for the year.
Maximum credit:
_$5,891 with three or more qualifying children
_$5,236 with two qualifying children
_$3,169 with one qualifying child
_$475 with no qualifying children
CAPITAL GAINS:
_0 percent if taxed in the 10 percent or 15 percent brackets
_ 15 percent top rate if taxed in higher brackets
ESTATE TAX
_Taxed at a top rate of 35 percent in 2012, with the first $5.12 million in value exempted for individual estates and $10.24 million for family estates
IRA CONTRIBUTIONS:
_Traditional IRA contribution limit: $5,000
_Additional contribution if over 50: $1,000
DEFERRED RETIREMENT ACCOUNTS
_ 401(k), 403(b),: $17,000
_Additional contribution if 50 or older: $5,500
STANDARD MILEAGE RATES:
Business use
_55.5 cents a mile
Medical reasons or qualified move
_23 cents a mile
Charitable purposes
_14 cents a mile
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