Solved: What are exemptions?

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Exemptions are the individual deductions that you get for each taxpayer and each dependent on your tax return. Each exemption reduces your taxable income by $4050.

For example, a couple filing Married Filing Jointly with one dependent (usually a child), would automatically get a $12,150 reduction in taxable income.

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Exemptions are the individual deductions that you get for each taxpayer and each dependent on your tax return. Each exemption reduces your taxable income by $4050.

For example, a couple filing Married Filing Jointly with one dependent (usually a child), would automatically get a $12,150 reduction in taxable income.