Numbers to know when you file your 2012 tax return

(AP) - 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 taxed in the 10 percent or 15 percent 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