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.
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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.
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personal exemption

See exemption.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
We find that the two elements of the TCJA that generate the largest changes to state individual income taxes are the increase in federal standard deductions (a large tax decrease), and the elimination of federal personal exemptions (a large tax increase).
Looking at things like losing personal exemptions or real estate tax credits or will the state be given the authority to raise the graduated tax percentage at any time?
And in Maine and Oregon, bills to remove personal exemptions were working their way through the process.
California did away with most religious and personal exemptions to vaccines in 2014 after an outbreak at Disneyland.
Closing that loophole will also enable a substantial increase in personal exemptions from the 5 percent tax.
The Jordanian government said that the new law softens the impact of the tax hikes on middle-class families by raising personal income thresholds and reintroducing personal exemptions.
Comparing the Old and the New," covers personal exemptions, state and local property tax caps, mortgage interest deductions, medical expense deductions, alimony and support, non-child dependent credits and charitable donations.
Income Taxation<br />Dependents<br />The Commissioner of Revenue moved for summary judgment in this income tax challenge, asserting that she properly denied appellant's claimed head of household filing status, two personal exemptions, and Minnesota Working Family Credit because appellant could not substantiate her two claimed dependents.
Among other provisions to consider, the TCJA abolishes personal exemptions. As a tradeoff, the standard deduction was almost doubled (see CPA Client Bulletin, April 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.

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