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 ?
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.
In addition to the exclusion for net new savings, there would be a generous family, living allowance" - an exemption allowed on top of the current personal and dependent exemptions.
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