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How do I calculate personal exemptions if our combined AGI…

How do I calculate personal...
How do I calculate personal exemptions if our combined AGI is above $156,900?
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Answered in 10 minutes by:
3/12/2018
Attorney Wendy
Attorney Wendy, Attorney
Category: Business Law
Satisfied Customers: 1,189
Experience: Member at Keefer & Keefer LLC
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Hello. My name is ***** ***** I am happy to help you with this question. Can you clarify for me when you say "our combined AGI" is this you and a spouse and, if so, are you planning to file separately or jointly?

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Customer reply replied 4 months ago
my spouse and I and we are filing jointly

For tax year 2017 the personal exemption is $4050 per person. With increased adjusted gross income (AG)I that exemption starts to phase out (be reduced) until you reach a certain higher AGI until it is eliminated. The $156,900 AGI applies to a married person who is filing separately. If you are filing jointly, the personal exemption does not begin to phase out until an AGI of $313,800. I hope this helps.

If you need further help, please reply to this email. If I answered your question and provided excellent service, I would greatly appreciate a 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

Attorney Wendy
Attorney Wendy, Attorney
Category: Business Law
Satisfied Customers: 1,189
Experience: Member at Keefer & Keefer LLC
Verified
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Customer reply replied 4 months ago
that is quite helpful
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