Ready to file your 2013 tax returns? Some numbers you might need to know before you start - InfoNews

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Ready to file your 2013 tax returns? Some numbers you might need to know before you start

January 21, 2014 - 10:44 AM

Numbers to know when filing your 2013 tax returns, according to the Internal Revenue Service:

PERSONAL EXEMPTION:

—Each personal or dependent exemption is worth $3,900.

STANDARD DEDUCTION:

—$12,200 for married couples filing a joint return, and qualifying widows and widowers.

—$6,100 for singles and married individuals filing separate returns.

—$8,950 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.

ALTERNATIVE MINIMUM TAX THRESHOLD:

—$80,800 for a married couple filing a joint return, and qualifying widows and widowers.

—$51,900 for singles and heads of household.

INCOME TAX BRACKETS:

—10 per cent, 15 per cent, 25 per cent, 28 per cent, 33 per cent, 35 per cent, 39.6 per cent.

EARNED INCOME TAX CREDIT:

To qualify income can be no greater than:

—$46,227 ($51,567 married filing jointly) with three or more qualifying children.

—$43,038 ($48,378 married filing jointly) with two qualifying children.

—$37,870 ($43,210 married filing jointly) with one qualifying child.

—$14,340 ($19,680 married filing jointly) with no qualifying children.

Investment income cannot be more than $3,300 for the year.

Maximum credit

—$6,044 for taxpayers filing jointly who have 3 or more qualifying children.

—$5,372 with two children.

—$3,250 with one child.

—$487 with no children.

CAPITAL GAINS:

—0 per cent if taxpayer is in the 10 per cent or 15 per cent income tax brackets.

—15 per cent top rate if taxed below the 39.6 per cent rate.

—20 per cent if taxed at the 39.6 per cent rate.

ESTATE TAX

—Exclusion of $5.25 million for individual estates of people who died in 2013.

IRA CONTRIBUTIONS:

—Traditional IRA contribution limit: $5,500.

—Additional contribution if over 50: $1,000.

DEFERRED RETIREMENT ACCOUNTS

— 401(k), 403(b),: $17,500.

—Additional contribution if 50 or older: $5,500.

STANDARD MILEAGE RATES:

—Business use: 56.5 cents a mile.

—Medical reasons or qualified move: 24 cents a mile.

—Charitable purposes: 14 cents a mile.

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News from © The Associated Press, 2014
The Associated Press

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