Ask A Question
Have Tax Questions? Ask a Tax Expert for Answers ASAP
Questions about Personal Exemptions
What are personal exemptions?
A personal exemption is a
that an individual may claim for himself/herself, their spouse and children. This exemption is allowed by the IRS and helps to reduce an individual’s total
. Given below are some of the important questions that are answered by the Experts about personal exemptions.
Can an individual carry forward the loss if their personal exemptions and itemized deductions is more than their tax?
An individual may not be able to carry forward the loss in the case that the individual’s exemptions and
are more than the taxes. This is because these exemptions and deductions may not produce a net operating loss. Only business and investment losses which are net operating losses may be carried forward.
How can an employer determine the amount that they may have to withhold from an employee’s salary for income tax purposes?
In order to determine the amount that the employer may withhold from an employee’s salary, the employer may first ask the employee to fill out the W-4 form. The employee will have to mention whether he/she will file the returns as single or married on this form. The employee will also have to list how many exemptions he/she would claim. The employer may then determine the amount based on this information. The IRS also produces a Circular E that will tell the employers how much money the employer may hold back based on the information given by the employee.
What is the projected personal exemption for the year 2012?
The projected personal exemption for the year 2012 is $3,800.
How many personal exemptions can an individual claim if they file their taxes as married filing jointly?
An individual may be able to claim 2 personal exemptions of $3,700 each if the individual files their returns as
married filing jointly
. These exemptions may increase if the individual is over 65 years of age and blind.
What are the different kinds of federal exemptions?
There are two kinds of exemptions that are taken into account while determining the
for an individual. They are dependant exemptions and personal exemptions. The individual can claim both these exemptions while filing their
Would personal exemptions be allowed if an individual came under the Alternative Minimum Tax Category?
In most situations, personal exemptions that an individual may claim for his/her children, spouse and self may not be allowed if an individual came under the
alternative minimum tax
category. These exemptions may add to the
minimum category liability.
In many situations, personal exemptions are calculated on the basis of the number of family members that an individual may have. This individual may claim an exemption for each family member. The amount for the exemption may be adjusted on a yearly basis.
The amount that a person may claim as personal exemption may differ from year to year. It is important for you to be aware of the conditions that will qualify you for these exemptions. You may speak to an Expert if you have any doubts about how to claim these exemptions or need further information.
Recent Personal Exemptions Questions
I received a lump sum retirement payment in the amount of $58,622.54.
I received a lump sum retirement payment in the amount of $58,622.54. The automatically withheld 20% of that to the tune of $11,724.51. The check I received was for $47,208.39. From what I understand, that $47,208.39 will be subject to State Tax at the end of the year. I make approximately $65,000 a year to show what bracket I am in.
I have no idea how much money I am going to need to pay for taxes at the end of the year. Can you give me an idea how much more I am going to need to set aside from the $47 thousand to save for taxes? Thank you. Susan
We are married, filing jointly, both over 65. Two sources of
We are married, filing jointly, both over 65. Two sources of income. Social Security and Qualified Dividends.
We have $48K in Social Security Income and $100K in Qualified Dividends. If we took out a mortgage with a $25K interest expense would that lower our adjusted income to under the 25 percent bracke and put us in a lower tax bracket so our dividend income would not be taxed?
Iam 53 my wife is 51. i would like to retire next year.
Iam 53 my wife is 51. i would like to retire next year. assets = an annuity type pension worth approx 140000 that would pay around 550 per month if i start taking it right away, a 401k worth approx 270,000. we paid cash last year for a small farm so we
have no debt and we have calculated our expenses at approx 1000 dollars a month. I would like to assume we will need 1800-2000 per month. My plan is to start to collect ss at age 62 ( I will get approx 1575) and my wife would get approx 275 when she reaches
62. assuming the facts above i am just looking for validation that the numbers themselves work ( I also realize i would probably be taxed on 10% of both the pension and the 401k with drawls until age 59.5. i do plan on working but for purposes of this discussion
please assume i am not going to work.
View More Tax Questions
3 Tax Professionals are Online Right Now
Ask Your Own Tax Question
Ask Your Question Now
Ask a Tax question
Type Your Tax Question Here...
3 Tax Professionals are Online Now
In The News
How JustAnswer Works:
Ask an Expert
Get a Professional Answer
Ask Followup Questions
100% Satisfaction Guarantee
Ask a Tax Professional
Get a Professional Answer. 100% Satisfaction Guaranteed.
3 Tax Professionals are Online Now
Type Your Tax Question Here...
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Become a Professional
Terms of Service
Privacy & Security
© 2003-2015 JustAnswer LLC