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 ?
The state's legislature removed this ambiguity as part of a tax reform package in the summer of 2018.The bill explicitly disallows Missouri's personal and dependent exemptions when the federal exemption amount is set to zero.
The business community remains quiet when the personal income tax is raised or inflation shrinks the value of personal and dependent exemptions. Then individual taxpayers remain inert when business taxes are raised.
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. Graduated rates would then apply to taxable income.
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