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Key numbers to have when filing tax returns

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POSTED January 20, 2012 7:43 p.m.

 

 
The Associated Press

 

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

___

Online:

www.irs.gov

 

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