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
