Numbers to know when you file your 2012 tax return

  • February 9, 2013

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 contribution

• 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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