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
