If you file a return, you generally can
claim an exemption for yourself, and if
you're married, one for your spouse. But
you can't claim your exemption if you're
the dependent of another person, even if
that person doesn't claim an exemption
for you.
Individuals are entitled to claim a
personal exemption for themselves and
any dependents they support. This
exemption reduces your taxable income,
so you end up paying taxes on less
income.
The personal exemption
amount is indexed annually for
inflation. For tax year 2010, the
personal exemption amount is $3,650
2011: $3,650
2010: $3,650
Dollar Amounts are
Reduced Based on Income
Personal exemptions are subject to
phase-out limits.
Taxpayers will lose
some of their personal exemptions if
adjusted gross income exceeds certain
threshold amounts. Taxpayers can lose at
most two-thirds of their personal
exemptions. Use a worksheet in IRS
Publication 501 to calculate your
personal exemption amount if your
adjusted gross income is over the
threshold amounts shown below.
The
phase-out limits will not apply for the
year 2011.
Phaseout Range for Personal Exemptions
for 2010
|
Filing
Status |
Phaseout
Begins |
Phaseout
Ends |
|
Married
Filing Jointly |
250,200
|
372,700 |
|
Qualifying Widow(er) |
250,200 |
372,700 |
|
Head of
Household |
208,500 |
331,000 |
|
Single |
166,800 |
289,300 |
|
Married
Filing Separately |
125,100 |
186,350 |
Publication 501,
Exemptions,
Standard Deduction
You lose part of the benefit of your
exemptions if your adjusted gross income
is above a certain amount.
There are 2 types of dependents:
qualifying children and qualifying
relatives.
Whether the person you want to claim as
a dependent is a qualifying child or
qualifying relative, that person
generally cannot file a joint return and
that person generally must be a U.S.
citizen or resident. See IRS Publication
17 for exceptions.
See IRS Publication 501 for details
about these rules, including exceptions
that apply.
