With the personal exemption
credit, you get a $134 tax credit from the state for each of your personal exemptions
What the author fails to mention is that the personal exemptions
for mom, dad, and baby have been eliminated in 2018.
The personal exemptions
for individuals are repealed, but the TCJA leaves the exemptions for estates and trusts unchanged.
The announcement of the bills, which include a proposed expansion of personal exemptions
at the state level and a decoupling of the estate tax from the federal rate, comes in advance of an expected report later this month from the Office of the Comptroller on the exact effects of the federal changes.
1) The increased personal exemptions
from income tax covered by items 1 and 2 were good only for the second half of 2008, not for the first half, because the law took effect only on July 6, 2008; thus, the income tax was correspondingly reduced only for half a year, not for a full year;
: The personal exemption
amount for single, separate and head of household taxpayers increased from $108 to $109 for the 2015 tax year.
The standard deduction ($14,200) and personal exemptions
($3,800) per person for a couple over age 65 filing jointly is $21,800.
Prior law included a phaseout of personal exemptions
for taxpayers with high incomes.
Returning to the Taxpayer Relief Act, there are two stealth taxes that apply to reduce personal exemptions
and itemized deductions.
reductions: Reinstated were limitations on itemized deductions and personal exemptions
for taxpayers with taxable incomes greater than $250,000 ($300,000 for married couples).
He was one of two people who sponsored a bill supported by the Campaign for Our Communities, a group of 120 organizations including the Massachusetts Teachers Association, that would increase income tax rates and increase personal exemptions
Individual Income Tax: Personal Exemptions