Each personal exemption you claim on your 2017 return is the equivalent of a $4,050 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 2017, you may lose part or even all of your deduction for exemptions under a phaseout rule (21.12).
Number of Exemptions
21.1 How Many Exemptions May You Claim?
On your 2017 return, you may claim a $4,050 exemption (same as for 2016) 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 could claim you as a dependent for 2017, you may not claim a personal exemption for yourself on your own return; ...
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