2009 Tax Filing Figures

January 29, 2010

For 2009 taxes ( income from year 2009) these are the tax numbers and dollar amounts that you will be able to use to file your taxes with the IRS.
If you need more specific information please visit www.irs.gov after all they wrote the book on this stuff.
It can be complicated so these pages are meant to be informative about income
tax backets and yet always subject to the IRS' changes etc.

Personal exemption:
Each personal or dependent exemption is now worth $3,650. thus has risen $150 from 2008.
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.
$8,350 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:
$70,950 for a married couple filing a joint return, and qualifying widows and widowers.
$35,475 for a married person filing separately.
$46,700 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.

Up to $8,000 for first-time homebuyers for purchases made through April 30, 2010.
Up to $6,500 for long-time homeowners for purchases made between Nov. 7, 2009 and April 30, 2010.
To qualify, the home must be used as a primary residence.

Note: The credit begins 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:
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.

American Opportunity Credit:
Is now up to $2,500 to cover college tuition, fees and required course materials.
To qualify, the student may not have completed four years of college. There are also income limits.

Earned Income Tax Credit:
The maximum earned income tax credit was increased to:
$5,657 for people with three or more qualifying children.
$5,028 for people with two children.
$3,043 for those with one child.
$457 for people with no children.

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.