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Questions about Personal Exemptions

What are personal exemptions?

A personal exemption is a deduction of taxes 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 taxable income. 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 deductions 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 federal tax for an individual. They are dependant exemptions and personal exemptions. The individual can claim both these exemptions while filing their tax returns.

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 alternative 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.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

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