What is a personal exemption? - Intuit Turbo Real Money Talk

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes

Pick a language

English Français
Showing results for 
Search instead for 
Did you mean: 
,Created with Sketch.1216 helpful votes

What is a personal exemption?

A personal exemption is – or was – a set amount you could deduct for every taxpayer and dependent on your 2017 or prior tax return. The exemption amount in tax year 2017 was $4,050 per person, subject to a phaseout at higher income levels.

The 2018 personal exemption was slated to increase to $4,150 per person before it was repealed by Tax Cuts and Jobs Act (TCJA) on December 22, 2017. To help offset the lost exemption, the TCJA increased the standard deduction amount, doubled the Child Tax Credit, and created a new $500 Credit for Other Dependents (aka Family Tax Credit).

Was this helpful?

You must sign in to vote, reply, or post
Intuit TurboTax - Finish filing and get your maximum refund, guaranteed.

Ready to Try TurboTax?

Returning? Sign in