What is the Personal Exemption for 2014?

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.

Leave A Comment?