Key numbers to know for filing 2013 tax returns
Correx
Numbers to know when filing your 2013 tax returns, according to the Internal Revenue Service:
Personal exemption:
• Each personal or dependent exemption is worth $3,900.
Standard deduction:
• $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.
Maximum credit:
• $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.
Capital gains:
• 0 percent 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.
Estate tax
• Exclusion of $5.25 million for individual estates of people who died in 2013.
Ira contributions:
• 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.