Dependents & Exemptions
What Is The Amount Of The Personal Exemption Phase Out For Year 2013?
Individuals are entitled to claim a personal exemption for themselves and any dependents they support. The personal exemption reduces your taxable income. The personal exemption amount is indexed annually for inflation. The 2013 phase-out begins with AGI over $300,000 for married filing joint returns and over $250,000 for non married filing joint returns. For tax year 2013, the personal exemption amount is $3,900. There was no phase out in years 2012 and 2011.
Note If you need professional help with "Dependents & Exemptions" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.