DDollar
Expert Alumni

Retirement tax questions

[Edited 01-08-2019]  For tax years prior to 2018, everyone (unless they are claimed as a dependent on someone else's return) gets a "personal exemption" on their tax return that reduces their taxable income.  For 2016, the personal exemption is $4,050 per person.  So, if you are filing jointly, you and your spouse get that exemption ($4,050 x 2 = $8,100).  The exemption applies to the taxpayer, spouse, and dependent children.

View solution in original post