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 per cent, 15 per cent, 25 per cent, 28 per cent, 33 per cent, 35 per cent
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 per cent if taxpayer is in the 10 per cent or 15 per cent income tax brackets
—15 per cent top rate if taxed in higher brackets
ESTATE TAX
—Taxed at a top rate of 35 per cent 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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