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What is a personal exemption?

A personal exemption 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The personal exemption was repealed by Tax Cuts and Jobs Act (TCJA). To help offset the lost exemption, the TCJA increased the Standard Deduction amount, doubled the Child Tax Credit, and created a new Credit for Other Dependents (also known as the Family Tax Credit).

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