What is a personal exemption?
A personal exemption is an automatic tax deduction for each person on your tax return. If you’re single, you’ll get one exemption. If you’re married, you’ll get two, and if you have dependents (like kids still living at home), you’ll get one for each.
The personal exemption amount is the same for people of all ages, and is $4,050 per person for tax year 2017. The only time that amount changes is if you make a large enough income that the exemption is reduced or removed.
When you file with 1040.com, we’ll look at your AGI and calculate your personal exemption (and those of your spouse or any dependents) based on your filing status and income.