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Originally published Friday, February 21, 2014 at 8:02 PM

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Key numbers to know for filing 2013 tax returns

Deduction amounts, income limits for certain tax credits, mileage rates and other tax facts.


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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.



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