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Tax Exemptions

 

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Personal exemptions reduce the amount of your taxable income.

The amount you can deduct for each exemption has increased to $3,400 for 2007.

You lose part of the benefit of your exemptions if your adjusted gross income is above a certain amount.

The amount at which the phase out begins depends on your filing status. For 2007, the phase out begins at:

  • $117,300 for married persons filing separately,
  • $156,400 for single individuals,
  • $195,500 for heads of household, and
  • $234,600 for married persons filing jointly or qualifying widow(er)s.

If you file a return, you generally can claim an exemption for yourself, and if you're married, one for your spouse. But you can't claim your exemption if you're the dependent of another person, even if that person doesn't claim an exemption for you.

There are 2 types of dependents: qualifying children and qualifying relatives.

Whether the person you want to claim as a dependent is a qualifying child or qualifying relative, that person generally cannot file a joint return and that person generally must be a U.S. citizen or resident. See IRS Publication 17 for exceptions.

See IRS Publication 501 for details about these rules, including exceptions that apply.

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