Personal exemptions help reduce taxable income. Most taxpayers can claim one personal exemption for themselves and one for their spouse if they are married. Personal exemptions may also be claimed for each dependent. Each exemption normally allows a deduction of $4,050 for 2017 tax returns. While each exemption is worth the same amount, different rules apply to each type. Here are five things to remember about exemptions and dependents when filing your 2017 tax return: Claiming Personal Exemptions: On a joint return, taxpayers can claim one exemption for themselves and one for their spouse if they file a joint return.
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