personal exemption

Frequency: 6.57.5 per million words

An amount that a person can subtract from their gross income for themselves or a dependent.

exemptionADJECTIVE + NOUN

Categories:

personal

Examples (10)

  • Taxpayers seeking to claim a personal exemption must meet specific criteria.
  • The personal exemption reduces your taxable income significantly.
  • Each dependent qualifies for an additional personal exemption.
  • Filing jointly allows both spouses to claim their personal exemption.
  • The standard personal exemption amount is adjusted annually for inflation.
  • High-income earners may lose their personal exemption benefit.
  • You can claim a personal exemption for yourself and your spouse.
  • The personal exemption phase-out begins at certain income levels.
  • Students may be eligible for their own personal exemption.
  • The tax reform eliminated the personal exemption deduction.