taxes

Tax exemption amounts

Taxes » Tax Credits » Tax Exemption Amounts

You can take an exemption deduction for yourself, your spouse and each dependent you claim. On 2014 returns due April 15, 2015, this exemption amount is $3,950 per person, $50 more than in 2013. For 2015 planning purposes, the exemption amount goes up another $50 to $4,000.

Tax exemption amounts

2012$3,800
2013$3,900
2014$3,950
2015$4,000

You claim each allowable exemption on the first page of the Form 1040 or 1040A. There is no special area for exemptions on Form 1040EZ. Because this form is for taxpayers without dependents, the exemption amount is accounted for in the standard deduction amounts shown on that tax return for single or married taxpayers.

For every person who qualifies as an exemption, you'll need to include that person's Social Security number on your return. If these tax identification numbers are missing, the Internal Revenue Service could disallow the exemption claim.

The personal exemption is phased out for higher-income earners. The exemption reduction begins for married filing separately taxpayers with adjusted gross income of $154,950; single filers with AGI of $258,250; head-of-household taxpayers with AGI of $284,050; and married filing jointly taxpayers with AGI of $309,900.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
Tax breaks for life's big events
MORTGAGE REFINANCE AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 3.80%  0.02 3.78%
15 year fixed 3.04%  0.04 3.00%
5/1 ARM 3.14%  0.02 3.16%
 
View Rates in your area Next
Product Rate Change Last week
30 year fixed refi 3.88%  0.03 3.85%
15 year fixed refi 3.13%  0.04 3.09%
10 year fixed refi 3.14% --0.00 3.14%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.68%  0.03 2.65%
48 month used car loan 2.76%  0.02 2.74%
60 month new car loan 3.11% --0.00 3.11%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 1.08%  0.01 1.07%
2 Year CD 1.18% --0.00 1.18%
5 Year CD 1.77%  0.01 1.76%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.87%  0.01 15.86%
Cash Back Cards 16.37% --0.00 16.37%
Low Interest Cards 11.10% --0.00 11.10%
 
Next
advertisement

Connect with us