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Key numbers to know for filing 2013 tax returns

Wednesday - 1/22/2014, 4:20am  ET

The Associated Press

Numbers to know when filing your 2013 tax returns, according to the Internal Revenue Service:

PERSONAL EXEMPTION:

--Each personal or dependent exemption is worth $3,900.

STANDARD DEDUCTION:

--$12,200 for married couples filing a joint return, and qualifying widows and widowers.

--$6,100 for singles and married individuals filing separate returns.

--$8,950 for heads of household.

Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.

PHASEOUT OF PERSONAL EXEMPTION AND ITEMIZED DEDUCTIONS

--Begins at $250,000 for individuals, $275,000 for heads of household, $300,000 for married filing jointly.

ALTERNATIVE MINIMUM TAX THRESHOLD:

--$80,800 for a married couple filing a joint return, and qualifying widows and widowers.

--$51,900 for singles and heads of household.

INCOME TAX BRACKETS:

--10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent, 39.6 percent.

EARNED INCOME TAX CREDIT:

To qualify income can be no greater than:

--$46,227 ($51,567 married filing jointly) with three or more qualifying children.

--$43,038 ($48,378 married filing jointly) with two qualifying children.

--$37,870 ($43,210 married filing jointly) with one qualifying child.

--$14,340 ($19,680 married filing jointly) with no qualifying children.

Investment income cannot be more than $3,300 for the year.

Maximum credit:

--$6,044 for taxpayers filing jointly who have 3 or more qualifying children.

--$5,372 with two children.

--$3,250 with one child.

--$487 with no children.

CAPITAL GAINS:

--0 per cent if taxpayer is in the 10 percent or 15 percent income tax brackets.

--15 percent top rate if taxed below the 39.6 percent rate.

--20 percent if taxed at the 39.6 percent rate.

ESTATE TAX

--Exclusion of $5.25 million for individual estates of people who died in 2013.

IRA CONTRIBUTIONS:

--Traditional IRA contribution limit: $5,500.

--Additional contribution if over 50: $1,000.

DEFERRED RETIREMENT ACCOUNTS

-- 401(k), 403(b): $17,500.

--Additional contribution if 50 or older: $5,500.

STANDARD MILEAGE RATES:

--Business use: 56.5 cents a mile.

--Medical reasons or qualified move: 24 cents a mile.

--Charitable purposes: 14 cents a mile.


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