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.
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.
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
Maximum 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.
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