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
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.
