Numbers to know when you file your 2012 tax return

Published on NewsOK Modified: January 23, 2013 at 2:15 am •  Published: January 23, 2013
Advertisement
;

Key numbers to know when filing your 2012 tax returns, according to the Internal Revenue Service:

PERSONAL EXEMPTION:

—Each personal or dependent exemption is worth $3,800.

STANDARD DEDUCTION:

—$11,900 for married couples filing a joint return, and qualifying widows and widowers

—$5,950 for singles and married individuals filing separate returns

—$8,700 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:

—$78,750 for a married couple filing a joint return, and qualifying widows and widowers

—$50,600 for singles and heads of household

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:

—$45,060 ($50,270 married filing jointly) with three or more qualifying children

—$41,952 ($47,162 married filing jointly) with two qualifying children

—$36,920 ($42,130 married filing jointly) with one qualifying child

Continue reading this story on the...