By The Associated Press
The IRS released key numbers to know when filing your 2012 tax returns:
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
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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