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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