2012 Tax Facts For Individuals

The following is a list of key dollar amounts that are adjusted annually for inflation as announced by the Internal Revenues Service for use in preparing federal tax returns for 2012:

  • Personal exemption                            $   3,800
  • Standard deduction
    • Married filing jointly                $  11,900
    • Head of Household                   $   8,700
    • Married filing separately         $   5,950
    • Single                                           $   5,950
  • Additional standard deduction for blind
    • Married Joint                              $   1,150
    • Married Separate                       $   1,150
    • Surviving spouses                      $   1,150
    • Single                                            $   1,450
    • Head of Household                    $   1,450
  • Additional standard deduction at age 65
    • Married Joint                              $   1,150
    • Married Separate                       $   1,150
    • Surviving spouses                      $   1,150
    • Single                                            $   1,450
    • Head of Household                    $   1,450
  • Modified AGI Lifetime Learning Credit phaseout
    • Married filing jointly                 $104,000 to $124,000
    • Single                                            $  52,000 to $ 62,000
    • Head of Household                    $  52,000 to $ 62,000

Please be advised that these amounts are current as of the date of this posting, but can be changed by Congressional legislation.

If you are looking for a tax preparer, please give us a call at 724-834-3900.

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Roy & Associates, PC serves clients in western Pennsylvania located predominantly in Westmoreland County, Allegheny County, and Fayette County.

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