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2012 Key Tax Numbers
Personal Exemption (for yourself and each dependent)
- Each allowable exemption: $3,800
- No phaseout for 2012
Standard Deduction
- Joint return and qualifying widow(er): $11,900
- Head of household: $8,700
- Single: $5,950
- Married filing separately: $5,950
- Dependents - minimum deduction: $950
- Additional deduction if age 65 or older, or blind:
- Married-per-spouse, filing jointly or separately:
- $1,150
- $2,300 for age and blindness
- Qualifying widow(er):
- $1,150
- $2,300 for age and blindness
- Single or head of household:
- $1,450
- $2,900 for age and blindness
- Married-per-spouse, filing jointly or separately:
Capital Gain Rates for Assets Held Over One Year
- If otherwise subject to the regular rate of 10% or 15%:
- Capital gain rate is 0%
- If otherwise subject to the regular rate over 15%:
- Capital gain rate is 15%
- Collectibles gain:
- maximum rate: 28%
- Unrecaptured Section 1250 gain on depreciated real
estate:
- maximum rate: 25%
Qualified Dividends Tax Rate
- If otherwise subject to the regular rate of 10% or 15%:
- Qualified dividend rate is 0%
- If otherwise subject to the regular rate over 15%:
- Qualified dividend rate is 15%
IRS Mileage Rates:
- Business Use:
- 55.5 cents per mile
- Medical and Moving:
- 23 cents per mile
- Charitable:
- 14 cents per mile
Exclusion for Employer Provided Transportation
- Transit passes and commuter vehicle transport: $125 per month
- Qualified parking: $240 per month
- Qualified bicycle commuting: $20 per month
IRA Contributions
- Traditional IRA contribution limit: $5,000
- Additional contribution if age 50 or older: $1,000
- Deduction phaseout for active plan participant:
- Single or head of household: $58,000 - $68,000
- Married filing jointly, two participants: $92,000 - $112,000
- Married filing jointly, one participant:
- Participant spouse: $92,000 - $112,000
- Non-participant spouse: $173,000 - $183,000
- Married filing separately, live together, either
participates:
- $0 - $10,000
- Married filing separately, live apart all year:
- Participant spouse: $58,000 - $68,000
- Non-participant spouse: no phaseout
- Roth IRA contribution limit: $5,000
- Additional contribution if age 50 or older: $1,000
- Contribution limit phaseout range:
- Single, head of household: $110,000 - $125,000
- Married filing separately, live apart all year: $110,000 - $125,000
- Married filing jointly, or qualifying widow(er): $173,000 - $183,000
- Married filing separately, live together at any time: $0 - $10,000
Elective Deferral Limits
- 401(k), 403(b), 457 plans: $17,000
- Salary-reduction SEP: $17,000
- SIMPLE: $11,500
- Additional contribution if age 50 or older:
- 401(k), 403(b), governmental 457 and SEP plans: $5,500
- SIMPLE IRA: $2,500
Education
- American Opportunity credit limit-per student: $2,500
- Lifetime Learning credit limit-per-taxpayer: $2,000
- Phaseout of American Opportunity credit:
- Married filing jointly: $160,000 - $180,000
- Single, head of household, or qualifying widow(er): $80,000 - $90,000
- Phaseout of Lifetime Learning credit:
- Married filing jointly: $104,000 - $124,000
- Single, head of household, or qualifying widow(er): $52,000 - $62,000
- Student loan interest deduction limit: $2,500
- Phaseout of deduction limit:
- Married filing jointly: $125,000 - $155,000
- Single, head of household, qualifying widow(er): $60,000-$75.000
- Phaseout of deduction limit:
- Coverdell ESA limit: $2,000
- Phaseout of limit:
- Married filing jointly: $190,000 - $220,000
- All others: $95,000 - $110,000
- Phaseout of limit:
- Tuition and fees deduction:
- Tuition and fees deduction: tier 1limit Income cut-off $4,000
- Married filing jointly: $130,000
- Single, head of household, or qualifying widow(er) $65,000
- Tuition and fees deduction: tier 2 limit Income cut-off $2,000
- Married filing jointly: $160,000
- Single, head of household, or qualifying widow(er): $80,000
- Tuition and fees deduction: tier 1limit Income cut-off $4,000
Long-term Care Premiums
- Limit on premium allowed as medical expense
- Age 40 or under: $350
- Over 40 but not over 50: $660
- Over 50 but not over 60: $1,310
- Over 70: $4,370
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