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posted: 2/10/2014 6:01 AM

Key numbers to know for filing 2013 tax returns

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  • Personal exemptions are worth $3,900 on your 2013 federal income taxes.

      Personal exemptions are worth $3,900 on your 2013 federal income taxes.
    Associated Press

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      Caption Caption Caption

 
Associated Press

Numbers to know when filing your 2013 tax returns, according to the Internal Revenue Service:

Personal exemption:

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• 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.

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