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Numbers to know when you file your 2012 taxes

Tuesday - 1/22/2013, 3:58pm  ET

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 This material may not be published, broadcast, rewritten or redistributed.)