Question: What is the personal exemption for tax year 2014?
The personal exemption for tax year 2014 (Due April 15, 2015) is $3,950. Each taxpayer and qualified dependent is qualify for the personal exemption of $3,950.
The qualified exemption phase out begin when the Adjusted Gross Income (AGI) exceeds $254,200 for taxpayer with single status and $305,050 for married filed jointly status.
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