The personal exemption is an automatic deduction provided for by the IRS. Exemptions reduce your taxable income. You can deduct $4,050 for each exemption you claim in 2016. How you claim an exemption on your tax return depends on which form you file.
- If you file Form 1040EZ, the exemption amount is combined with the standard deduction amount and entered on line 5.
- If you file Form 1040A, complete lines 6a through 6d. The total number of exemptions you can claim is the total in the box
on line 6d. Also complete line 26.
- If you file Form 1040, complete lines 6a
through 6d. The total number of exemptions you can claim is the total in
the box on line 6d. Also complete line 42.
There are two types of exemptions you may be able to take:
-
Personal exemptions for yourself and your spouse, and
-
Exemptions for dependents (dependency exemptions).
You can take one exemption for yourself
unless you can be claimed as a dependent by another taxpayer. If
another taxpayer
is entitled to claim you as a dependent, you
can’t take an exemption for yourself even if the other taxpayer doesn't
actually
claim you as a dependent.
Please see the following link for more information IRS Publication
17 (click here).
