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Level 1
posted Jul 17, 2020 10:12:02 AM

Exemptions for 1040? Hi. I don't understand where we get to select our number of Exemptions?

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1 Replies
Level 15
Jul 17, 2020 10:35:21 AM

Personal exemptions were removed from the tax code after 2017.  The Standard Deduction were increased.  The Child Tax Credit was increased.  A new credit for dependents age 17 or older was created, Other Dependent Tax Credit.

 

Standard deductions for 2019

  • Single - $12,200 add $1,650 if age 65 or older
  • Married Filing Separately - $12,200 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,350 add $1,650 if age 65 or older