The National Directory of Certified Public Accountants

Ask A CPA - Inflation Adjustments - 2014

2014 Personal Exemption Amounts

The personal exemption rises to $3,950, up from the 2013 exemption of $3,900. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $254,200 ($305,050 for married couples filing jointly). It phases out completely at $376,700 ($427,550 for married couples filing jointly.)

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