Personal Exemption

Personal Exemption means, in determining taxable income, an individual exemption for which a taxpayer is entitled to a deduction. Can be claimed for the taxpayer and spouse. Each personal exemption reduces the income subject to tax by the exemption amount. A separate personal exemption is allowed for taxpayer, his or her spouse, and each dependent. The deduction allowable for each exemption is indexed for inflation; for 1994, it was $2,450. Former IRC (check if this IRC provision is current here) §151.

Exemption Amount, Personal Exemptions Issue

You may find information about Exemption Amount, Personal Exemptions in this Tax Platform of the American Encyclopedia of Law.

Personal Exemption Phase Out Issue

You may find information about Personal Exemption Phase Out in this Tax Platform of the American Encyclopedia of Law.