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:
—Each personal or dependent exemption is worth $3,900.
—$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.
—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
Copyright© 2015 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com