Key numbers to have when filing tax returns

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Some key numbers to know when filing your 2011 tax returns, according to the Internal Revenue Service:

PERSONAL EXEMPTION:

?Each personal or dependent exemption is worth $3,700.

STANDARD DEDUCTION:

?$11,600 for married couples filing a joint return, and qualifying widows and widowers.

?$5,800 for singles and married individuals filing separate returns.

?$8,500 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:

?$74,450 for a married couple filing a joint return, and qualifying widows and widowers.

?$48,450 for singles and heads of household.

?$37,225 for married individuals filing separately.

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:

?$43,998 ($49,078 married filing jointly) with three or more qualifying children

?$40,964 ($46,044 married filing jointly) with two qualifying children

?$36,052 ($41,132 married filing jointly) with one qualifying child

?$13,660 ($18,740 married filing jointly) with no qualifying children

Maximum credit:

?$5,751 with three or more qualifying children

?$5,112 with two qualifying children

?$3,094 with one qualifying child

?$464 with no qualifying children

CAPITAL GAINS:

?0 percent if taxed in the 10 percent or 15 percent brackets.

?Top rate of 15 percent if taxed in higher brackets.

STANDARD MILEAGE RATES:

Business use

?51 cents a mile, Jan 1 – June 30, 2011

?55.5 cents a mile, July 1 – Dec. 31, 2011

Medical reasons or qualified move

?19 cents a mile, Jan 1 – June 30, 2011

?23.5 cents a mile, July 1 – Dec. 31, 2011

Charitable purposes

?14 cents a mile

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Online:

www.irs.gov