Personal Exemption

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Dictionary Says

Definition of 'Personal Exemption'

The dollar amount that each individual taxpayer is able to deduct for him or herself or a dependent each year. A separate personal exemption is accorded to every man, woman and child in the U.S. that must file a return. For example the amount of the personal exemption was $3,700 in 2011 and $3,800 in 2012.
Investopedia Says

Investopedia explains 'Personal Exemption'

The amount of each personal exemption that may be claimed was formerly subject to an adjusted gross income phaseout. However, this phaseout was eliminated for tax years 2010, 2011 and 2012. Future legislation will determine whether or not it will be reinstated in 2013.
Search results for

'Personal Exemption'

  • 8 Tax Cuts Set To Expire In 2011 - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/1010/8-Tax-Cuts-Set-To-Expire-In-2011.aspx
    ... 6. Personal Exemptions Phased Out - Again In 2010, taxpayers may take a personal
    exemption of $3,650 for themselves, their spouses and each qualified dependent ...

  • How Getting A Raise Affects Your Taxes - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0212/How-Getting-A-Raise-Affects-Your-Taxes.aspx
    ... Whether you itemize or take the standard deduction, you're also entitled to a personal
    exemption, which reduces your taxable income even further. ...

  • Tax Credits And Deductions For Parents - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0310/Tax-Credits-And-Deductions-For-Parents.aspx
    ... Taxpayers get a personal exemption of $3,800 in 2012 for each dependent child under
    the age of 19, or under the age of 24 if they are a full time student. ...

  • Taxing Times For Divorced Parents

    http://www.investopedia.com/articles/pf/08/dependent-tax-credits.asp
    ... March 07 2012 | Filed Under ยป IRA, Personal Finance, Taxes. Tax season is stressful
    for ... more than half of the year will get the dependency exemption for that ...

  • Is it true that you can sell your home and not pay capital gains ...

    http://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp
    ... other major restriction is that you can only benefit from this exemption once every ...
    For more information on useful personal tax tips, check out Tax Tips For ...

  • How can a trust lower federal transfer tax liability?

    http://www.investopedia.com/ask/answers/08/trust-lower-tax-liability.asp
    ... second spouse dies several years later and the combined estate that is transfered
    to the children turns out to be larger than the current exemption level, then ...

  • Refusing An Inheritance

    http://www.investopedia.com/articles/06/RefuseInheritance.asp
    ... beneficiary form as changes occur in your family or your personal situation (eg ... Assets
    up to the amount of your available exemption equivalent can transfer to ...

  • Use Real Estate To Put Off Tax Bills

    http://www.investopedia.com/articles/tax/08/real-estate-reduce-tax.asp
    ... Additionally, homeowners can benefit from the personal-residence exemption, which
    shields profits on the sale of a personal residence from capital gains taxes ...

  • Are ETFs required to pay out a percentage of income as dividends?

    http://www.investopedia.com/ask/answers/05/etfdistributions.asp
    ... 2005), no ETF issuers have been awarded the request for exemption from the ... at least
    annually.) Dividends received or reinvested are taxed as personal income to ...

  • Get Ready For The Estate Tax Phase-Out

    http://www.investopedia.com/articles/pf/05/EstateTaxPhaseOut.asp
    ... Act of 2001 (EGTRRA), the US federal estate-tax exemption is increasing each ... in 2010,
    the regulations will allow an executor or a personal representative of an ...

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