Key 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 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





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