WEB EXTRA: Numbers to Know When Filing Your 2012 Tax Return

Updated: 01/31/2013 8:04 AM KSTP.com By: Jennie Olson

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 taxpayer is in the 10 percent or 15 percent income tax 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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