Exemption amount. The amount you can deduct for each exemption has increased from $2,650 in 1997 to $2,700 in 1998.

Exemption phaseout. You will lose all or part of the benefit of your exemptions if your adjusted gross income is above a certain amount. The amount at which this phaseout begins depends on your filing status. For 1998, the phaseout begins at $93,400 for married persons filing separately; $124,500 for unmarried individuals; $155,650 for heads of household; and at $186,800 for married persons filing jointly. See Phaseout of Exemptions, later.

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