Key numbers to have when filing tax returns
Jan 17, 2012, 6:49 PM
(AP) – Some key numbers to know when filing your 2011 tax returns, according to the Internal Revenue Service:
PERSONAL EXEMPTION:
_Each personal or dependent exemption is worth $3,700.
STANDARD DEDUCTION:
_$11,600 for married couples filing a joint return, and qualifying widows and widowers.
_$5,800 for singles and married individuals filing separate returns.
_$8,500 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:
_$74,450 for a married couple filing a joint return, and qualifying widows and widowers.
_$48,450 for singles and heads of household.
_$37,225 for married individuals filing separately.
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:
_$43,998 ($49,078 married filing jointly) with three or more qualifying children
_$40,964 ($46,044 married filing jointly) with two qualifying children
_$36,052 ($41,132 married filing jointly) with one qualifying child
_$13,660 ($18,740 married filing jointly) with no qualifying children
Maximum credit:
_$5,751 with three or more qualifying children
_$5,112 with two qualifying children
_$3,094 with one qualifying child
_$464 with no qualifying children
CAPITAL GAINS:
_0 percent if taxed in the 10 percent or 15 percent brackets.
_Top rate of 15 percent if taxed in higher brackets.
STANDARD MILEAGE RATES:
Business use
_51 cents a mile, Jan 1 – June 30, 2011
_55.5 cents a mile, July 1 – Dec. 31, 2011
Medical reasons or qualified move
_19 cents a mile, Jan 1 – June 30, 2011
_23.5 cents a mile, July 1 – Dec. 31, 2011
Charitable purposes
_14 cents a mile
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