Generally, there is a $3,200 Exemption for each person on the tax return, adjusted as follows:
- Taxpayer and Spouse are allowed an additional $1,000 each if 65 or over or blind. There is no reduction in this amount with higher income.
- An additional $1,000 exemption is allowed for dependents who are 65 or over, up to a maximum of $3,200.
- Dependents filing tax returns do not get an exemption.
- The $3,200 Exemption amount is reduced for Federal AGI’s over $100,000 to the amounts below:
| Federal AGI | Single or MFS | MFJ, HoH, or QSS |
|---|---|---|
| >$100,000 to $125,000 | $1,600 | $3,200 |
| >$125,000 to $150,000 | $800 | $3,200 |
| >$150,000 to $175,000 | $0 | $1,600 |
| >$175,000 to $200,000 | $0 | $800 |
| >$200,000 | $0 | $0 |
TXLNX 8/13/2023