Dependents & Exemptions

What is the amount of the Personal exemption Phase out for year 2013?

Individuals are entitled to claim a personal exemption for themselves and any dependents they support. The personal exemption reduces your taxable income. The personal exemption amount is indexed annually for inflation. The 2013 phase-out begins with AGI over $300,000 for married filing joint returns and over $250,000 for non married filing joint returns. For tax year 2013, the personal exemption amount is $3,900. There was no phase out in years 2012 and 2011.

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