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 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
