2012 irs deductions and exemptions

2020-01-25 13:43

If you are age 65 or older on the last day of the year and do not itemize deductions, you are entitled to a higher standard deduction. You are considered 65 on the day before your 65th birthday. Therefore, you can take a higher standard deduction for 2012 if you were born before January 2, 1948.2012 Standard Deduction and Exemption. For 2012 the personal exemption is 3, 800, and the standard deductions are: 5, 950 for single taxpayers and married taxpayers filing separately, 11, 900 for married taxpayers filing jointly, and; 8, 700 for taxpayers filing as head of household. 2012 irs deductions and exemptions

Jan 25, 2012 The IRS has announced increases for the Standard Deduction, Personal Exemption and Foreign Earned Income Exclusion for 2012. See how these changes may apply to you. 2012 Standard Deduction Increase The standard deduction for married couples filing jointly or surviving spouses increased from 11, 600 in 2011 to 11, 900 in 2012.

Exemptions Exemptions reduce your taxable income. You can deduct 3, 800 for each exemption you claim in 2012. If you are entitled to two exemptions for 2012, you can deduct 7, 600 (3, 800 2). Other tax breaks have been extended into 2012 and should be factored into your tax planning include: The Personal exemption in 2012 has increased by 100 to 3, 800. The standard deduction, claimed by tax payers who dont itemize deductions, will increase by 300 for married couples and by 150 for singles and married people filing separately. It increases 200 for heads of household. 2012 irs deductions and exemptions In some cases, the amount of income you can receive before you must file a tax return has increased. Table 1 shows the filing requirements for most taxpayers. Personal exemption suspended. For 2018, you can't claim a personal exemption deduction for yourself, your spouse, or your dependents. Standard deduction increased.

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