Numbers to know when you file your 2012 tax return

Numbers to know when you file

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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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