Some key numbers for 2013 to keep in mind for the filing season:
Who must file a return (you must file if your gross income is at least):
Single
Under 65 $10,000
Age 65 or older on or before January 1, 2014 11,500
Married
Filling a joint return - both spouses under 65 20,000
Filing a joint return - one spouse age 65 or older 21,200
Filing a joint return - both spouses age 65 or older 22,400
Filing a separate return (any age) 3,900
Married & living apart at end of 2013
Filing a joint or separate return 3,900
Head of Household maintained for a child or other relative
Under 65 12,850
Age 65 or older on or before January 1, 2014 14,350
Widowed in 2012 or 2011 and have a dependent child
Under 65 16,100
Age 65 or older on or before January 1, 2014 17,300
Other important numbers (2013 Tax year)
Exemption Amount 3,900
Standard Deduction (for those unable to itemize):
Joint Return/Qualifying Widow/Widower $12,200
Head of Household 8,950
Single 6,100
Married filing separately 6,100
Dependents - minimum deduction 1,000
Additional deduction if age 65 or older, or blind
Married - per spouse, filing jointly or separately 1,200
($2,400 for age & blindness)
Qualified widow/widower 1,200
($2,400 for age & blindness)
Single or Head of Household 1,500
($3,000 for age & blindness)
Long-term care premiums as a medical expense:
Age 40 or under 360
Over 40 but under 50 680
Over 50 but not over 60 1,360
Over 60 but not over 70 3,640
Over 70 4,550
IRA Contributions
Traditional 5,500
Roth 5,500
Additional amount if age 50 or over 1,000
Education Credits
American Opportunity credit 2,500
Lifetime Learning Credit 2,000
Coverdell ESA Limit 2,000
Tuition and Fees Deduction 4,000
Capital Gains Rates
if income tax rate is 10% or 15% 0%
if income tax rate is 15% but less than 39.5% 15%
if income tax rate is 39.5% 20%
Collectibles Rate - maximum 28%
Qualified Dividend Rate
if income tax rate is 10% or 15% 0%
if income tax rate is 15% but less than 39.5% 15%
if income tax rate is 39.5% 20%
Mileage Rates
business miles 56.5 cents per mile
medical and moving 24.0 cents per mile
charitable volunteers 14.0 cents per mile
Use the LFC checklist for gathering your documents for tax preparation (click here)
