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Ask A CPA - Tax Law Highlights - 2012

Personal And Dependency Exemptions - 2012

For 2012, the Personal and Dependency Exemptions increased by $100 to $3,800. in 2013 ATRA, permanently extends the repeal of the personal exemption phase-out on incomes at or below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly).,br> Exemptions will be phased out for taxpayers with adjusted gross income (AGI) above the AGI's mentioned above.

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