O'Reilly logo

J.K. Lasser's Your Income Tax 2014: For Preparing Your 2013 Tax Return by J. K. Lasser

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 21

Personal Exemptions

Each personal exemption you claim on your 2013 return is the equivalent of a $3,900 deduction. Exemptions for children, parents, and other dependents are allowed if the tests in this chapter are met.

If you have a high adjusted gross income for 2013, you may lose part or even all of your deduction for exemptions under the new phaseout rule (21.12).

Number of Exemptions Deduction Allowed
1 $ 3,900
2 7,800
3 11,700
4 15,600
5 19,500
6 23,400

21.1 How Many Exemptions May You Claim?

On your 2013 return, you may claim a $3,900 exemption for each of the following, provided you are not subject to the phaseout rule for high-income taxpayers (21.12):

  • Yourself. You claim an exemption for yourself, unless you can be claimed as a dependent of another taxpayer. If someone else can claim you as a dependent for 2013, you may not claim a personal exemption for yourself on your own return; this is true even if the other person ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required