Is it correct that my personal exemptions total only $3,888 in 2017 when I am married filing jointly with 2 dependent children? Shouldn't it be $4,050 x 4 = $16,200?

[AnnetteB · Accepted solution]

You are correct that a total of 4 exemptions on a tax return would total $16,200.  However, there is a phase-out range that reduces the exemption amount depending on the Adjusted Gross Income (AGI) and filing status. 

For a 2017 Married Filing Joint return, the phase-out begins when the AGI exceeds $313,800. 

To read more, use the following link and see page 23 of the IRS Publication 501:  https://www.irs.gov/pub/irs-pdf/p501.pdf

Also take a look at the information below.

https://ttlc.intuit.com/replies/3299967