Consumer Federation of California

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

-$13,980 ($19,190 married filing jointly) with no qualifying children

Investment income cannot be more than $3,200 or less for the year.

Maximum credit:

-$5,891 with three or more qualifying children

-$5,236 with two qualifying children

-$3,169 with one qualifying child

-$475 with no qualifying children

CAPITAL GAINS:

-0 percent if taxed in the 10 percent or 15 percent brackets

– 15 percent top rate if taxed in higher brackets

ESTATE TAX:

-Taxed at a top rate of 35 percent in 2012, with the first $5.12 million in value exempted for individual estates and $10.24 million for family estates

IRA CONTRIBUTIONS:

-Traditional IRA contribution limit: $5,000

-Additional contribution if over 50: $1,000

DEFERRED RETIREMENT ACCOUNTS:

– 401(k), 403(b),: $17,000

-Additional contribution if 50 or older: $5,500

STANDARD MILEAGE RATES:

Business use

-55.5 cents a mile

Medical reasons or qualified move

-23 cents a mile

Charitable purposes

-14 cents a mile