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Ask A CPA - Tax Law changes - 2013

Personal Exemptions - 2013

The personal exemption amount rises to $3,900, up from the 2012 exemption of $3,800. Beginning in 2013, the exemption is subject to a phase-out that begins with adjusted gross incomes of $250,000 ($300,000 for married couples filing jointly). It phases out completely at $372,500 ($422,500 for married couples filing jointly.)

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