Don't Tax Yourself: Key Numbers For 2013 Returns, According To The IRS

By admin January 24, 2014 18:21
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1040EZ-taxesNumbers 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 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent, 39.6 percent.

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.

 

To read more please visit http://latino.foxnews.com/latino/money/2014/01/23/key-numbers-to-know-for-filing-2013-tax-returns/

By admin January 24, 2014 18:21

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