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At what level is the exemption phased out?

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Question
At what level is the exemption phased out?

Answer

The amount you can deduct for each exemption is $4000 (beginning 2015). This amount is multiplied by the number of exemptions on your return.   The exemption is subject to a phase-out that begins with adjusted gross incomes of $258,250 ($309,900 for married couples filing jointly). It phases out completely at $380,750 ($432,400 for married couples filing jointly.)

 


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Views: 489 Created on: Jun 15, 2013
Date updated: Aug 27, 2015

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