(AP) - Key numbers to know when filing your 2012 tax returns, according to the Internal Revenue Service:
- Each personal or dependent exemption is worth $3,800.
- $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
- 0 percent if taxed in the 10 percent or 15 percent brackets
- 15 percent top rate if taxed in higher brackets
- 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
- 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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