Key Numbers To Know For Filing 2013 Tax Returns

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    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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