Personal and Dependent Exemptions

Personal and Dependent Exemptions

The tax code allows an exemption for each taxpayer and spouse (if a joint return is filed) who is not eligible to be claimed as a dependent on another taxpayer's return and for each dependent. The exemption amount is phased out for taxpayers whose adjusted gross income exceed a specified amount. See our Exemption Allowance rate table for the current exemption amount and AGI figures.
References in periodicals archive ?
Many new tax laws have become effective for 2014, including rules for health insurance, capitalization of business property, personal and dependent exemptions and IRA rollover rules, among others.
Large personal and dependent exemptions to remove lower-income people from the tax rolls.
The business community remains quiet when the personal income tax is raised or inflation shrinks the value of personal and dependent exemptions.
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