Key Tax Numbers for 2012
Exemptions
| Each allowable exemption (21.1) | $ 3,800 |
| No Phaseout for 2012 (21.12) |
Standard Deduction (13.1)
| Joint return/Qualifying widow(er) | $ 11,900 |
| Head of Household | $ 8,700 |
| Single | $ 5,950 |
| Married filing separately | $ 5,950 |
| Dependents-minimum deduction (13.5) | $ 950 |
| Additional deduction if age 65 or older, or blind (13.4) | |
| 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) |
Long-term Care Premiums (17.15)
| 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 60 but not over 70 | $ 3,500 |
| Over 70 | $ 4,370 |
IRA Contributions
| Traditional IRA contribution limit (8.2) | $ 5,000 |
| Additional contribution if age 50 or older | $ 1,000 |
| Deduction phaseout for active plan participant (8.4) | |
| 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 ... |
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