By the Associated Press
Key numbers to know when you're filing your 2014 taxes, according to the Internal Revenue Service:
PERSONAL EXEMPTION:
• Each personal or dependent exemption is worth $3,950.
• Phase-out begins at $254,200 for individuals, $279,650 for heads of household, $305,050 for married filing jointly.
STANDARD DEDUCTION:
• $12,400 for married couples filing a joint return, and qualifying widows and widowers.
• $6,200 for singles and married individuals filing separate returns.
• $9,100 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:
• $82,100 for married couples filing jointly.
• $52,800 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 must be no greater than:
• $46,997 ($52,427 married filing jointly) with three or more qualifying children
• $43,756 ($49,186 married filing jointly) with two qualifying children
• $38,511 ($43,941 married filing jointly) with one qualifying child
• $14,590 ($20,020 married filing jointly) with no qualifying children
Maximum credit:
• $6,143 with three or more qualifying children
• $5,460 with two qualifying children
• $3,305 with one qualifying child
• $496 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 below the 39.6 percent rate.
• 20 percent if taxed at the 39.6 percent rate.
ESTATE AND GIFT TAX
• Exclusion of $5,340,000 for individual estates of people who died in 2014.
• Gift tax exclusion of $14,000. Married couples can each give $14,000 to the same person before it becomes taxable.
IRA CONTRIBUTIONS:
• Traditional IRA contribution limit: $5,500.
• Additional contribution if over 50 but under 70 1/2 years old: $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 cents a mile.
• Medical reasons or qualified move: 23.5 cents a mile.
• Charitable purposes: 14 cents a mile.
Key numbers to know when you're filing your 2014 taxes, according to the Internal Revenue Service:
PERSONAL EXEMPTION:
• Each personal or dependent exemption is worth $3,950.
• Phase-out begins at $254,200 for individuals, $279,650 for heads of household, $305,050 for married filing jointly.
STANDARD DEDUCTION:
• $12,400 for married couples filing a joint return, and qualifying widows and widowers.
• $6,200 for singles and married individuals filing separate returns.
• $9,100 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:
• $82,100 for married couples filing jointly.
• $52,800 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 must be no greater than:
• $46,997 ($52,427 married filing jointly) with three or more qualifying children
• $43,756 ($49,186 married filing jointly) with two qualifying children
• $38,511 ($43,941 married filing jointly) with one qualifying child
• $14,590 ($20,020 married filing jointly) with no qualifying children
Maximum credit:
• $6,143 with three or more qualifying children
• $5,460 with two qualifying children
• $3,305 with one qualifying child
• $496 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 below the 39.6 percent rate.
• 20 percent if taxed at the 39.6 percent rate.
ESTATE AND GIFT TAX
• Exclusion of $5,340,000 for individual estates of people who died in 2014.
• Gift tax exclusion of $14,000. Married couples can each give $14,000 to the same person before it becomes taxable.
IRA CONTRIBUTIONS:
• Traditional IRA contribution limit: $5,500.
• Additional contribution if over 50 but under 70 1/2 years old: $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 cents a mile.
• Medical reasons or qualified move: 23.5 cents a mile.
• Charitable purposes: 14 cents a mile.