How to Identify Your Personal Exemption

Personal Exemption

According to the IRS, you are generally allowed one exemption for yourself and, if you are married, one exemption for your spouse. These are called personal exemptions. You can take one exemption for yourself unless you can be claimed as a dependent by another taxpayer. If another taxpayer is entitled to claim you as a dependent, you cannot take an exemption for yourself even if the other taxpayer does not actually claim you as a dependent. The table below details the 2009 through 2011 personal exemptions.1

Phaseout of Personal Exemptions

As your gross income increases, your personal exemption decreases, i.e. phases out. The 2009 exemption for taxpayers with adjusted gross income in excess of the maximum phaseout amount is $2,433. According to the IRS, the personal exemption amount begins to phase out at, and reaches the maximum phaseout amount after, the following gross income amounts:2

Note: Phaseouts are terminated for tax years beginning in 2010.3

Put the Tax Law to Work for You

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