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: Continued... |