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Saturday, February 02 2013
Personal Exemption Phaseout Limitations. For tax years beginning after 2012, the Personal Exemption Phaseout is reinstated with a starting threshold for those making $300,000 for joint filers and a surviving spouse; $275,000 for head of households; $250,000 for single filers; and $150,000 for married taxpayers filing separately. Under the phaseout, the total amount of exemptions that can be claimed by a taxpayer subject to the limitation is reduced by 2% for each $2,500 (or portion thereof) by which the taxpayer's AGI (Adjusted Gross Income) exceeds the applicable threshold. These dollar amounts are inflation-adjusted for tax years after 2013.
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