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 This material may not be published, broadcast, rewritten or redistributed.)
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