Here are some key numbers you should know about 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 for qualifying widows and widowers; $5,950 for singles and married individuals filing separate returns; $8,700 for heads of household. Those 65 or older or blind may be eligible for a higher standard deduction.
►Alternative minimum tax threshold: $78,750 for a married couple filing a joint return and for 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 for the year.
—$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 taxpayer is in the 10 percent or 15 percent income tax brackets; 15 percent top rate if taxed in higher brackets.
►Estate tax: Top rate of 35 percent in 2012, with first $5.12 million in value exempted for individual estates and $10.24 million for family estates.
►IRA contributions: Traditional IRA limit is $5,000; additional contribution of $1,000 allowed for over age 50.
►Deferred retirement accounts
— 401(k), 403(b),: $17,000
—Additional contribution if 50 or older: $5,500
►Standard mileage rates: Business, 55.5 cents a mile; medical or qualified move, 23 cents; charitable, 14 cents.