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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