This chapter discusses exemptions. The following topics will be explained.
- Personal exemptions -- You generally can take one for yourself and, if you are married, one for your spouse.
- Exemptions for dependents -- You must meet five exemption tests for each exemption you claim. If you are entitled to claim an exemption
for a dependent, that dependent cannot claim a personal exemption on his or her own tax return.
- Phaseout of exemptions -- You get less of a deduction when your adjusted gross income goes above a certain amount.
- Social security number (SSN) requirement for dependents -- You must list the social security number of any dependent for whom you claim
an exemption.
Exemptions reduce your taxable income. Generally, you can deduct $2,900 for each exemption you claim in 2001. How you claim an exemption on your
tax return depends on which form you file.
If you file Form 1040EZ, the exemption amount is combined with the standard deduction amount and entered on line 5.
If you file Form 1040A or Form 1040, follow the instructions for the form. The total number of exemptions you can claim is the total in the box on
line 6d. Also complete line 24 (Form 1040A) or line 38 (Form 1040) by multiplying the total number of exemptions shown in the box on line 6d by
$2,900.
If your adjusted gross income is more than $99,725, see Phaseout of Exemptions, later.
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