2012

Minimum Filing Requirements

and Exemption/Deduction Amounts*

Filing Status

Under 65

Over 65

Standard Deduction

Exemption

Over 65 or Blind  Additional

Single

$ 9,750

$ 11,200

$5,950

$3,800

$ 1,450

Head Of Household

$12,500

$13,950

$8,700

$3,800

$1,450

Married Filing Jointly

$20,650

$21,800

$11,900

$3,800

$1,150

Married Filing Separately

$9,750

$10,900

$5,950

$3,800

$1,150

Qualified Widow(er)

$15,700

$16,850

$11,900

$3,800

$1,150

note:* certain personal tax situations may alter amounts shown


Other Helpful 2012 Information


Earnings Ceiling for Social Security for 2012

    * Under Full Retirement Age

    * At Full Retirement Age

    * Over Full Retirement Age


$15,120

$40,080

$Unlimited

Self-Employed Insurance Deduction

100%

Earned Income Credit Maximum

No Child $ 475  (1) Child $3,169   ( 2) or more $5,236 ( 3) or more $5,891

Education Credits

Hope Credit Maximum $2,500, Lifetime Credit maximum $2,000, College Tuition & Fees Deduction $4,000 Maximum

Child Tax Credit Maximum

$1,000

Standard Business Auto Rate Avg.

Charitable Rate

Medical / Moving Rate Avg.

Jan 1 - Jun 30

0.56

0.14

0.23

Jul 1 - Dec 31

0.56

0.14

0.24

Child's Unearned Income Limit

$1,900

Estate Tax Exclusion

$5,000,000

Gift Limit

$13,000

Adoption Credit

$12,650

IRA/Roth over 50 Limit

$6,000

Qualified Tuition Plan Gift Contribution Limit

$13,000

Retirement Contributions 2012

                                      under age 50     over  age 50

Traditional IRA/Roth        $  5,000               $  6,000

401-K & 403-B Plans       $17,500               $23,000

Simple IRA Plans           $  12,000               $  14,500

SEP Plans 25% of  earned maximum compensation limit of $49,000