1040 Tax Calculator (Tax Year 2012)
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Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2012. Based on your projected tax withholding for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2013. In 2012, Federal income tax rates were scheduled to increase to pre-2001 levels, but the 'Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010' left the existing tax brackets in place through 2012.
1040 Tax Calculator (Tax Year 2012) Definitions
- Federal Income Tax Rates:
- **TAXTABLE_2012_DEFINITION**
Married Filing Jointly | If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately". |
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Qualified Widow(er) | Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider. |
Single | If you are divorced, legally separated or unmarried as of the last day of the year you should use this status. |
Head of Household | This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you. |
Married Filing Separately | If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately". |
For 2012, the standard deductions are $11,900 for married couples filing jointly, $5,950 for married couples filing separately and singles, and $8,700 for heads of household.
- This calculator assumes that all of your long-term capital gains are taxed at either 0% or 15%.
- The tax is 0% for the portion of your gain that would have been taxed at 15% or lower tax if it were a short-term gain.
- The tax is 15% for any of your capital gain that would have been taxed at a rate higher than 15% if it were considered a short-term gain.
- This calculator assumes that none of your long-term capital gains come from collectibles, section 1202 gains or un-recaptured 1250 gains. These types of capital gains are taxed at 28%, 28% and 25% respectively (unless your ordinary income tax bracket is a lower rate).
Capital gains were scheduled to increase in 2012, however the 'Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010' left them at their existing rates shown above. For more information on capital gains tax rates and how they are applied, you may wish to read IRS Publication 17: Your Federal Income Taxes.