Tax guide

Does the new tax bill change my personal exemption?

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The Republican tax bill, The Tax Cuts and Jobs Act, eliminates the personal exemption (worth $4,050 per person) for filers, their spouses, and their dependents, and increases the standard deduction amount.

For more information about why the personal exemption was cut and how it affected the new standard deduction amounts, head to the Tax Reform 101 page on the Tax Guide.

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