Personal exemption

PERSONAL EXEMPTION

Individuals are entitled to claim a personal exemption for themselves and any dependents they support to reduce their taxable income, and thus their taxes.

Tax year

Personal exemption amount

2009

$3,650

2010

$3,650

2011

$3,700

2012

$3,800

2013

$3,900

2014

$3,950

2015

$4,000

 

Phaseout of Exemptions

 

You lose at least part of the benefit of your exemptions if your adjusted gross income (AGI) is above a certain amount. For 2015, the phaseout begins at the following amounts.

Filing status

AGI level that reduces exemption amount

Married filing separately

$154,950

Single

$258,250

Head of household

$284,050

Married filing jointly

$309,900

You must reduce the dollar amount of your exemptions by 2% for each $2,500, or part of $2,500 ($1,250 if you are married filing separately), that your AGI exceeds the amount shown above for your filing status. If your AGI exceeds the amount shown above by more than $122,500 ($61,250 if married filing separately), the amount of your deduction for exemptions is reduced to zero.

 

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