Tuesday, April 23, 2024

Personal Exemption Phaseout Calculator

TCJA has abolished the personal exemption from year 2018 to 2025 . The last tax year , you could claim personal exemption  of $ 4050 was the year 2017 .

So the following calculator has no relevance now !

The personal exemption for the tax year 2015 is fixed at $ 4000 for an individual. However, the personal exemption phaseout rules discards part of exemptions as the Adjusted Gross Income goes up . There is formula how the exemption phaseout shall be computed . Basically , the phaseout starts after AGI starts climbing from the basic threshold fixed for phaseout program. For the tax year 2015, the threshold are fixed as under :

Filing Status                                    AGI Level That Reduces
                                                                Exemption Amount
Married filing separately                  $156,900
Single                                                    $ 261,500
Head of household                             $287,650
Married filing jointly                          $313,800

Calculator for Personal Exemption Phaseout

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