Key numbers to know as you prepare your tax returns

Key numbers to know when filing your 2015 taxes, according to the Internal Revenue Service:

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PERSONAL EXEMPTION:

—Each personal or dependent exemption is worth $4,000.

—Phase-out begins at incomes of $258,250 for individuals, $284,050 for heads of household, $309,900 for married filing jointly.

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STANDARD DEDUCTION:

—$12,600 for married couples filing a joint return, and qualifying widows and widowers.

—$6,300 for singles and married individuals filing separate returns.

—$9,250 for heads of household.

Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.

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ALTERNATIVE MINIMUM TAX THRESHOLD:

—$83,400 for married couples filing jointly.

—$53,600 for singles and heads of household.

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INCOME TAX BRACKETS:

—10 per cent, 15 per cent, 25 per cent, 28 per cent, 33 per cent, 35 per cent, 39.6 per cent.

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EARNED INCOME TAX CREDIT:

To qualify income must be no greater than:

—$47,747 ($53,267 married filing jointly) with three or more qualifying children.

—$44,454 ($49,974 married filing jointly) with two qualifying children.

—$39,131 ($44,651 married filing jointly) with one qualifying child.

—$14,820 ($20,330 married filing jointly) with no qualifying children.

Maximum credit:

—$6,242 with three or more qualifying children.

—$5,548 with two qualifying children.

—$3,359 with one qualifying child.

—$503 with no qualifying children.

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CAPITAL GAINS:

—0 per cent if taxpayer is in the 10 per cent or 15 per cent income tax brackets.

—15 per cent top rate if in the 25 per cent, 28 per cent, 33 per cent or 35 per cent income tax bracket.

—20 per cent if taxed at the 39.6 per cent rate.

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ESTATE AND GIFT TAXES

—Exclusion of $5,430,000 for individual estates of people who died in 2015.

—Gift tax exclusion of $14,000. Married couples can each give $14,000 to the same person before it becomes taxable.

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IRA CONTRIBUTIONS (applies to both traditional and Roth IRAs):

—Contribution limit: $5,500.

—Additional contribution if 50 or over: $1,000.

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DEFERRED RETIREMENT ACCOUNTS

—401(k), 403(b): $18,000.

—Additional contribution if 50 or older: $6,000.

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STANDARD MILEAGE RATES:

—Business use: 57.5 cents a mile.

—Medical reasons or qualified move: 23 cents a mile.

—Charitable purposes: 14 cents a mile.