Federal Personal Income Tax Exemptions 2011, 2012
71Federal Personal Income Tax Exemptions
The personal income tax is a tax that is intended to make those with higher incomes pay the amount of tax that they should, in order to even out the tax liability for everyone else. It also tries to exempt the poor completely from having to pay personal income tax.
How you claim your exemptions and deductions will depend on how you file your income tax return. For most individuals who use the 1040EZ form this will be entered on line 5.
How it works?
You are currently allowed to claim one personal exemption for yourself and one for your spouse when you file your tax return. This applies as long as neither of you are claimed as dependents on someone elseʼs return.
If you and your spouse currently file separate returns you can claim your spouse as an exemption as long as they did not have any income. The same will apply if you file head of household. If you have experienced the death of a spouse in the previous year then you can claim your deceased spouse as an exemption.
You are also allowed an additional exemption for each qualifying dependent. You may not claim the dependent if someone else is claiming them on their return and they must meet certain requirements.
- The dependent must be your child, stepchild, foster child, brother, sister, or any descendant of them.
- The child must be under the age of 19 and under the age of 24 if they are a full time student
- The dependent must have lived with you for more than half the year. The child must not have provided more than half of his or her own support.
To learn more about personal exemptions, visit TurboTax 2011 online. TurboTax offers free tips and tax advice regarding your personal exemption questions.
Personal Income Tax Exemptions Video
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If you are going to call people idiots, you may want to look into the difference between "your" and "you're", Mr. big-shot CPA.
Now I know why I don't post... most of you are idoits that don't know much about what your talking about.
CPA
My dad (an accountant) told me to be happy when you pay taxes, .... it means you're earning money
Don’t let the wealthy fool you. They pay far less in taxes then the working class does. People think it’s the tax bracket that wealth people use and it not. It’s the exemption.
Which you can use only if you’re at the right tax bracket (SCHEDULE A)usually over 75K and the more you make the bigger exemption you get.
EX: If you made a donation to Charity (Your old car value: $4500) and you didn’t make over 75K you can’t clam this donation as a deduction.
So the individuals that I know that are on unemployment - for 2 years because the benefits are continually extended - are disabled? Hardly - unemployment pays more than they will make at a minimum wage job, so they opt to not work at all. Who is paying for these people to sit on their duffs? That is just one example of the systemic problem.
Hey, Jim C...talk about whining, go back and read your own post! Obviously you can use a computer, you idiot! Go get a job that requires one to use a computer and pay YOUR fair share of taxes and stop taking form the rest of us! I really feel for those who are handicapped, but they are NOT my responsibility. Show me in the CONSTITUTION where it says they are. I'll show you in the Bible where it says they are my responsibility, that's why I give to my church. I absolutely detest people who think they are entitled to other people's money. You ought to consider for yourself why people aren't working. They aren't working because our government doesn't want people working. If government wanted people to work, they'd create economic conditions that would allow businesses to flourish. But democrats want voters to think that they "care" about them. Therefore, in exchange for their vote, they "promise" to take care of them. Those who make these promises and those who fall for them are both idiots.
I agree with Jim C. Stop whining about taxes.
You tax whiners never stop to think about WHY many people aren't working, i.e., they are disabled and CAN'T work. Shut up and just be grateful that you have both arms, legs, feet, and hands; be further thankful that you're not mentally challenged and disabled that way as well. Be thankful that you can walk and even go to work at all. I'd LOVE to have a job again and go to work, but several failed joint replacements and then bone marrow cancer destroyed that dream for me. You're both typical, ungrateful and spoiled Americans who have no compassion for those less fortunate that yourselves, and we ARE less fortunate than you are. A LOT less. You ought to pray to God for forgiveness for your selfishness.
When you tax people for working and pay people for not working you will find eventually the result will be that there are more to pay and fewer to take from.
Income Taxes are nothing but legalized theft at the point of the gun. If we are ever to see an improvement in the tax system we need to change it. Best system? Fair Tax!
wtf: I suppose it is the god given responsibility of the productve to take care of the less productive? You can make an argument that the tax system s/b progressive. We are way past that. Now, it is make someone else pay taxes and so I get the benefit. The tax system should tax everyone with income over 2000 dollars. In that way, everyone has a stake in the tax system.
Hudson 2 months ago
Also - Joe. I don't know where you are getting your facts, but they are dead wrong.