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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

You lose at least part of the benefit of your exemptions if your adjusted gross income (AGI) is above a certain amount. For 2014, the phaseout begins at the following amounts

 

Filing StatusAGI Level That Reduces 
Exemption Amount
Married filing separately $152,525  
Single 254,200  
Head of household 279,650  
Married filing jointly 305,050  
Qualifying widow(er) 305,050  

You must reduce the dollar amount of your exemptions by 2% for each $2,500, or part of $2,500 ($1,250 if you are married filing separately), that your AGI exceeds the amount shown above for your filing status. If your AGI exceeds the amount shown above by more than $122,500 ($61,250 if married filing separately), the amount of your deduction for exemptions is reduced to zero.

 


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Views: 330 Created on: Jun 15, 2013
Date updated: Oct 05, 2015

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