What Are Some Personal Exemptions for 2014?


Quick Answer

The personal exemption amount for tax year 2014 was $3,950, says the U.S. Tax Center. When preparing a Federal tax return, one personal exemption is allowed for the taxpayer and one for his spouse. If the taxpayer can be declared as a dependent by someone else, no exemption is allowed.

Continue Reading
Related Videos

Full Answer

For tax year 2014, personal exemption was phased out for taxpayers with $254,200 in adjusted gross income, and married joint filers with an adjusted gross income of $305,050. There was no personal exemption amount for individuals with an adjusted gross income of $376,700 for individuals and $427,550 for married joint filers, explains the U.S. Tax Center.

Taxpayers can generally claim an exemption for each dependent he claims on his tax return, explains the Internal Revenue Service. A qualifying dependent is a child or qualifying relative. Taxpayers need to provide the Social Security number of each dependent for which he is taking the personal exemption.

If a taxpayer is married but filing separate returns, the taxpayer can claim the exemption for his spouse only if his spouse had no gross income, is not filing a tax return and was not the dependent of another taxpayer. Taxpayers can claim an exemption for their spouses even if they are non-resident aliens, but the spouses must have no gross income for U.S. taxing purposes, must not be filing returns and must not be dependents of other taxpayers.

Learn more about Taxes

Related Questions