Form 1040-Es - Estimated Tax For Individuals

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gross income is $12,650. The amount of the credit or

An unmarried individual (single or head of household)

excludable assistance begins to phase out for taxpayers

and are:

with modified AGI in excess of $189,710 and is

65 or older or blind . . . . . . . . . . . . . . . . . . . . . . . . . . $1,450

completely phased out for taxpayers with modified AGI of

65 or older and blind . . . . . . . . . . . . . . . . . . . . . . . . . $2,900

$229,710.

Alternative minimum tax (AMT) exemption amounts.

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A married individual (filing jointly or separately) or a

The AMT exemption is decreased to $33,750 ($45,000 if

qualifying widow(er) and are:

married filing jointly or a qualifying widow(er) with

dependent child; $22,500 if married filing separately).

65 or older or blind . . . . . . . . . . . . . . . . . . . . . . . . . . $1,150

Expiring tax benefits. The following benefits are

65 or older and blind . . . . . . . . . . . . . . . . . . . . . . . . . $2,300

scheduled to expire or have been repealed and will not

Both spouses 65 or older . . . . . . . . . . . . . . . . . . . . . $2,300*

be available for 2012.

Both spouses 65 or older and blind . . . . . . . . . . . . . . $4,600*

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* If married filing separately, these amounts apply only if you can claim an

Credit for non-business energy property.

exemption for your spouse.

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Plug-in electric vehicle credit.

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Plug-in conversion credit.

Your standard deduction is zero if (a) your spouse

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Alternative fuel vehicle refueling property credit.

itemizes on a separate return, or (b) you were a

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Indian employment credit.

dual-status alien and you do not elect to be taxed

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CAUTION

New energy efficient home credit.

as a resident alien for 2012.

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Energy efficient appliance credit.

Personal exemption amount increased. For tax years

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Employer wage differential for active duty members of

beginning in 2012, the personal exemption amount is

the uniformed services.

increased to $3,800.

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Work opportunity credit (except for certain veterans).

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Earned income credit (EIC). You may be able to take

Deduction of expenses for school teachers.

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the EIC if:

Deduction for mortgage insurance premiums.

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Three or more children lived with you and you earned

Deduction for state and local sales taxes instead of

less than $45,060 ($50,270 if married filing jointly),

state and local income taxes.

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Two children lived with you and you earned less than

Tuition and fees deduction.

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$41,952 ($47,162 if married filing jointly),

Tax-free distribution from retirement accounts for

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One child lived with you and you earned less than

charitable purposes.

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$36,920 ($42,130 if married filing jointly), or

Zero percent capital gains rate for DC Zone assets.

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A child did not live with you and you earned less than

First-time homebuyer credit.

$13,980 ($19,190 if married filing jointly).

Nonrefundable personal credits and the AMT. The

Also, the maximum AGI you can have and still get the

following credits are no longer allowed to be applied

credit has changed. You may be able to take the credit if

against the AMT.

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your AGI is less than the amount in the above list that

Credit for child and dependent care expenses.

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applies to you. The maximum investment income you can

Credit for the elderly or the disabled.

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have and get the credit has increased to $3,200.

Education credits.

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Mortgage interest credit.

Standard mileage rate. The rate for business use of

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Carryforwards of the District of Columbia first-time

your vehicle remains 55

cents per mile. The rate for

homebuyer credit.

use of your vehicle to get medical care or move is

decreased to 23 cents per mile. The rate of 14 cents per

Instead, a new tax liability limit applies. For most

mile for charitable use is unchanged.

people, this limit is your regular tax minus any tentative

Social security and Medicare tax for 2012. The

minimum tax.

employee tax rate for social security is 4.2%. The social

Income limits for excluding education savings bond

security wage base limit is $110,100. The Medicare tax

interest increased. In order to exclude interest, your

rate is 1.45%. There is no wage base limit for Medicare

modified adjusted gross income (MAGI) must be less

tax.

than $87,850 ($139,250 if married filing jointly or

The tax rate for net earnings from self-employment is

qualifying widow(er)).

10.4%, up to the social security wage base limit of

Foreign earned income exclusion. The maximum

$110,100.

exclusion has increased to $95,100.

Lifetime learning credit income limits increased. In

Standard deduction. If you do not itemize your

order to claim a lifetime learning credit, your modified AGI

deductions, you can take the 2012 standard deduction

must be less than $62,000 ($124,000 if married filing

listed below for your filing status.

jointly).

Extended health coverage tax credit. The credit for

THEN your standard

the cost of health insurance is 72.5% and COBRA

IF your 2012 filing status is...

deduction is...

benefits continue if you are one of the following eligible

Married filing jointly or

individuals.

$11,900

Qualifying widow(er)

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Trade adjustment assistance (TAA) recipients.

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Alternative TAA recipients.

Head of household

$8,700

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Reemployment TAA recipients.

Single or Married filing separately

$5,950

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Pension Benefit Guaranty Corporation pension

recipients.

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However, if you can be claimed as a dependent on

Qualified family members of an individual who fell

another person’s 2012 return, your standard deduction is

under one of the categories listed above when he or she

the greater of:

died or with whom you finalized a divorce.

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$950, or

Reminder

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Your earned income plus $300 (up to the standard

deduction amount).

Roth IRAs. If you rolled over or converted part or all of

Your standard deduction is increased by the following

another retirement plan to a Roth IRA in 2010, or made

amount if, at the end of 2012, you are:

an in-plan rollover to a designated Roth account after

September 27, 2010, and did not elect to include the

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Form 1040-ES (Rev. 05-2012)

Form 1040-Es - Estimated Tax For Individuals - 2012 Page 2

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