2014 Federal Personal and Dependent Exemption Amount

 

The maximum personal and dependent exemption amount is $3,950 per exemption.

For tax year 2014, the exemption amount is phased out based on your adjusted gross income (AGI). For every $2,500 of AGI (or portion thereof) above the beginning phaseout amount shown in the table below for your filing status, the $3,950 exemption amount is reduced by 2%.

Phaseout of Exemption Amount
If Your Filing Status is: Phaseout Begins When AGI reaches: Completely Phased Out When AGI Reaches:
Single $254,200 $376,700
Head of Household $279,650 $402,150
Married Filing Jointly $305,050 $427,550
Married Filing Separately $152,525 $213,775