Share this article

print logo

Know these key numbers when filing your taxes in 2011

Some key numbers you'll need to know for filing your taxes in 2011:

Personal exemption:

Each personal or dependent exemption is worth $3,650.

Standard deduction:

$11,400 for married couples filing a joint return, and qualifying widows and widowers.

$5,700 for singles and married individuals filing separate returns.

$8,400 for heads of household.

Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.

Earned income tax credit:

To qualify, income can be no greater than:

$43,352 ($48,362 married filing jointly) with three or more qualifying children.

$40,363 ($45,373 married filing jointly) with two qualifying children.

$35,535 ($40,545 married filing jointly) with one qualifying child.

$13,460 ($18,470 married filing jointly) with no qualifying children.

Alternative minimum tax threshold:

$72,450 for a married couple filing a joint return, and qualifying widows and widowers.

$47,450 for singles and heads of household.

$36,225 for married individuals filing separately.

Income tax brackets:

10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent.

Maximum EIT credit:

$5,666 with three or more qualifying children.

$5,036 with two qualifying children.

$3,050 with one qualifying child.

$457 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.

-- Associated Press

There are no comments - be the first to comment