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Numbers to know when you file your 2012 tax return

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[January 23, 2013]   (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

[to top of second column]

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

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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