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5 Legal Changes That Could Affect Your Tax Filing

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By Pamela Yip

NUMBERS TO KNOW:

Here are some key numbers to know when filing your 2013 tax returns, according to the Internal Revenue Service:

Personal exemption:
—Each personal or dependent exemption is worth $3,900.
Standard deduction:
—$12,200 for married couples filing a joint return, and qualifying widows and widowers.
—$6,100 for singles and married individuals filing separate returns.
—$8,950 for heads of household.

Alternative minimum tax threshold:
—$80,800 for a married couple filing a joint return, and qualifying widows and widowers.
—$40,400 for a married couple filing separately.
—$51,900 for singles and heads of household.

IRA contributions:
—Traditional IRA contribution limit: $5,500.
—Additional contribution if over 50: $1,000.

Deferred retirement accounts:
—401(k), 403(b): $17,500.
—Additional contribution if 50 or older: $5,500.

Standard mileage rates:
—Business use: 56.5 cents a mile.
—Medical reasons or qualified move: 24 cents a mile.
—Charitable purposes: 14 cents a mile.

SOURCE: Internal Revenue Service

©2014 The Dallas Morning News
Distributed by MCT Information Services

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