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 2013 returns due April 15, 2014, this exemption amount is $3,900 per person, $100 more than in 2012. For 2014 planning purposes, the exemption amount goes up another $50 to $3,950.

Tax exemption amounts

2011$3,700
2012$3,800
2013$3,900
2014$3,950

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.

Beginning in 2013, the personal exemption is phased out for higher income earners. The exemption reduction begins for married filing separately taxpayers with adjusted gross income of $150,000; single filers with AGI of $250,000; head of household taxpayers with AGI of $275,000; and married filing jointly taxpayers with AGI of $300,000.

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