Key numbers to know for filing 2013 tax returnsJanuary 22, 2014 @ 12:09 am
(AP) - Numbers to know when filing your 2013 tax returns, according to the Internal Revenue Service:
_Each personal or dependent exemption is worth $3,900.
_$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.
_$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.
_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.
_Exclusion of $5.25 million for individual estates of people who died in 2013.
_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.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Danny O'Neil says the Seahawks need to get their pass rush going in a hurry
Week In Photos
Gisele Bundchen leaps for joy and other stunning images from around the world
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.