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
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