2001 Tax Help Archives  

Chapter 3 - Personal Exemptions & Dependents

Important Changes

This is archived information that pertains only to the 2001 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Exemption amount. The amount you can deduct for each exemption has increased from $2,800 in 2000 to $2,900 in 2001.

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 2001, the phaseout begins at $99,725 for married persons filing separately, $132,950 for unmarried individuals, $166,200 for heads of household, and $199,450 for married persons filing jointly. See Phaseout of Exemptions, later.


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