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 Status | AGI 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.