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Key numbers to know when preparing, filing 2014 federal tax returns

01/13/2015 09:27 EST | Updated 03/15/2015 05:59 EDT
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 per cent, 15 per cent, 25 per cent, 28 per cent, 33 per cent, 35 per cent, 39.6 per cent.

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 per cent if taxpayer is in the 10 per cent or 15 per cent income tax brackets.

—15 per cent top rate if taxed below the 39.6 per cent rate.

—20 per cent if taxed at the 39.6 per cent 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.

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