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For 2006, the personal exemption per family member rises to $3,300, up from $3,200 in 2005.
Your personal exemption deduction is gradually phased out as your income reaches these adjusted gross income levels:
| Filing status | Phase-out starts | Phase-out ends |
|---|---|---|
Joint return | $225,750 | $348,250 |
Head of household | $188,150 | $310,650 |
Single | $150,500 | $273,000 |
Married couple filing separately | $112,875 | $174,125 |
What the phase-out means is for every $1,000 in income over $225,750 for married couples filing jointly, the exemption is reduced by $26.83. For singles, it's slightly larger: $26.94 per $1,000 in adjusted gross income. Thus:
- If your adjusted gross income is $265,750, your combined exemptions will be reduced to $5,526.80.
- If you're single and your adjusted gross income is $175,500, your exemption will be reduced to $2,629.27.
Here are the phaseouts for 2007:
| Filing status | Phase-out starts | Phase-out ends |
|---|---|---|
Joint return | $234,600 | $357,100 |
Head of household | $195,500 | $318,000 |
Single | $156,400 | $278,900 |
Married couple filing separately | $117,300 | $178,550 |
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