Standard deduction:
$11,400 for married couples filing a joint return, and qualifying widows and widowers.
$5,700 for singles and married individuals filing separate returns.
$8,400 for heads of household.
You may be able to claim a higher standard deduction if you are 65 or older, blind, paid state or local real estate taxes or sales or excise taxes on a new vehicle, or were a victim of a federally declared disaster.
Alternative minimum tax exemption: For 2010
$72,450 for a married couple filing a joint return, and qualifying widows and widowers.
$36,225 for a married person filing separately.
$47,450 for singles and heads of household.
Home buyer credit: Although you are filing taxes for the year 2009 the numbers below show how and where the credit will apply into the year 2010
until April 30.
The IRS says that "You must have bought or entered into a binding contract to buy a principal residence on or before April 30, 2010
If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before Sept. 30, 2010 (recent legislation extended the June 30 deadline previously in effect)."
The numbers are:
Up to $8,000(but not more than 10%)for first-time homebuyers.
Up to $6,500 for home-buyers who have in the past owned property.
To qualify, although the previous residence does not have to be sold, the newly purchased home must be used as a primary residence.
Note:
In 2009 the credit began phasing out for married couples filing jointly with modified adjusted gross incomes above $225,000 and for individuals with incomes above $125,000.
Energy efficiency credit: For 2010 it is the same as 2009,
It is 30 percent of the cost of installing energy-efficient doors or windows, furnaces or air conditioners, or other energy-saving improvements, up to a maximum $1,500. The standards are higher than back in 2007 for the products that qualify as "Energy Efficient".
American Opportunity Credit for 2010:
Is now up to $2,500 to cover college tuition, fees and required course materials.
It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student. This is available only if you earn a gross income that is $80,000 or less, or $160,000 or less for married couples filing a joint return. Ther is no credit for taxpayers above these levels.
Earned Income Tax Credit for 2010: barely up from last year
The maximum earned income tax credit was increased to:
$5,666 for people with three or more qualifying children.
$5,036 for people with two children.
$3,050 for those with one child.
$457 for people with no children.This one is the same as last year.
Long-term capital gains taxes:
0 percent if taxed in the 10 percent to 15 percent brackets.
15 percent maximum for taxpayers in higher brackets.
Also see 2010 IRS mileage Allowance
For more detailed tax information go to www.irs.gov
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