Personal Exemptions

Description and Definition of Personal Exemptions

An amount of income a taxpayer can receive tax free unless he or she may be claimed as a dependent by another taxpayer. Married taxpayers filing jointly receive two exemptions. Taxable income is reduced for each exemption. Exemptions are phased out for certain high income taxpayers.

Resources

See Also

Further Reading

• Personal Exemptions in the West's Tax Law Dictionary
• Personal Exemptions in “A Dictionary of Taxation”