personal exemption

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Personal exemption

Amount of money a taxpayer can exclude from personal income for each member of the household in calculation of a tax obligation.

Personal Exemption

In U.S. tax, the amount of personal income that is not taxed. That is, the personal exemption is money that is not included in one's adjusted gross income when calculating one's tax liability. One receives additional exemptions for a spouse, children, and if one is over 65 or blind. Congress sets the amount of the personal exemption each year.

personal exemption

See exemption.
References in periodicals archive ?
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The personal exemptions for individuals are repealed, but the TCJA leaves the exemptions for estates and trusts unchanged.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;
Personal Exemptions: 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.
Personal exemption 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.

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