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Key numbers for 2012 returns

Here's all the math you need to know to calculate your income tax return, from the standard deduction to the Alternative Minimum Tax threshold.

By MSN Money Partner Jan 25, 2013 1:15PM

This post is by The Associated Press.

 

Dollar sign on keyboard © CorbisKey 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%, 15%, 25%, 28%, 33%, 35%.
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 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% if taxpayer is in the 10% or 15% income tax brackets.
  • 15% top rate if taxed in higher brackets.

Estate tax

  • Taxed at a top rate of 35% 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

  • 401k, 403b: $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 This material may not be published, broadcast, rewritten or redistributed.

 

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