Key numbers to know for filing 2013 tax returns
Deduction amounts, income limits for certain tax credits, mileage rates and other tax facts.
Numbers to know when filing your 2013 tax returns, according to the Internal Revenue Service:
• Each personal or dependent exemption is worth $3,900.
• $12,200 is the standard deduction for married couples filing a joint return, and qualifying widows and widowers.
$6,100 is the standard deduction for singles and married individuals filing separate returns.
• $8,950 is the standard deduction 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.
•$80,800 is the alternative minimum tax threshold for a married couple filing a joint return, and qualifying widows and widowers.
• $51,900 is the alternative minimum tax threshold for singles and heads of household.
• To qualify for the earned income tax credit, your investment income cannot be more than $3,300 for the year and your income can be no greater than:
— $46,227 ($51,567 married filing jointly) with three or more qualifying children to receive a maximum credit of $6,044 for taxpayers filing jointly.
— $43,038 ($48,378 married filing jointly) with two qualifying children for a maximum credit of $5,372.
— $37,870 ($43,210 married filing jointly) with one qualifying child for a maximum credit of $3,250 .
— $14,340 ($19,680 married filing jointly) with no qualifying children for a maximum credit of $487.
• Capital gains are not taxed for taxpayers in the 10 or 15 percent income tax brackets.
• Capital gains are taxed at 15 percent top rate for those below the 39.6 percent tax rate.
• Capital gains are taxed at 20 percent for those taxed at the 39.6 percent rate.
• $5.25 million exclusion from estate taxes for individual estates of people who died in 2013.
• IRA contributions are limited to $5,500 annually, unless you are over 50, eligible to make an additional contribution of $1,000.
• Deferred retirement accounts limited to $17,500 for 401(k), 403(b); those over 50 may add $5,500 more.
• 56.5 cents a mile is the standard business-use mileage rate.
• 24 cents a mile is standard mileage rate for medical reasons or qualified move.
• 14 cents a mile is standard rate for charitable purposes.