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Both. A taxpayer (the person who can claim the dependent) claims exemptions for themselves and their dependents. Each exemption qualifies them for a deduction. The amount changes each year ($3,700 per exemption for 2011) and a person will multiply the number of exemptions on Form 1040 line 6 by the amount for their total deduction on Form 1040 line 42. The deduction for exemptions reduces their taxable income.
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What is the maximum standard deduction this year for a person who is not claimed as a dependent by another person?
The standard deduction for the Single filing status for a person not claimed as a dependent by another person is $5,450 for 2008 tax returns. This deduction increases to $5,700 for 2009 tax returns. This is in addition to the personal exemption amount of $3,500 for 2008 tax returns [$3,650 for 2009].
Can your husband claim you as a dependent on your tax return?
A spouse is never considered a dependent. However, you can claim an exemption for your husband as long as you file a joint return. You also are allowed an exemption deduction for yourself. A spouse is never considered a dependent. However, you can claim an exemption for your husband as long as you file a joint return. You also are allowed an exemption deduction for yourself. A spouse is never considered a dependent. However, you can claim an exemption for your husband as long as you file a joint return. You also are allowed an exemption deduction for yourself.
What is the difference between exemption and deduction?
Exemption doesn't form part of total income while deduction form part of a total income.
How many should you claim on your income taxes?
You should claim all the exemptions to which you're entitled. Unless you're claimed as a dependent on someone else's return, you're entitled to a personal exemption. If you're married, your spouse also claims a personal exemption. Claim one exemption for each dependent, if any. The number of exemptions is one of the items on your return that reduces the amount of your adjusted gross income (AGI).Go to www.irs.gov/formspubs to view/print Publication 501 (Exemptions, Standard Deduction, and Filing Information).
Can you claim your wife as a dependent on your taxes if you file separately?
No. If you are Married Filing Separately, then you only can claim your personal exemption. Your wife's personal exemption only can be claimed by her if you're Married Filing Separately. Your spouse, whether filing jointly or separately, can't be considered your dependent.
What is the maximum standard deduction this year for a person who is not claimed as a dependent by another person?
The standard deduction for the Single filing status for a person not claimed as a dependent by another person is $5,450 for 2008 tax returns. This deduction increases to $5,700 for 2009 tax returns. This is in addition to the personal exemption amount of $3,500 for 2008 tax returns [$3,650 for 2009].
Can your husband claim you as a dependent on your tax return?
A spouse is never considered a dependent. However, you can claim an exemption for your husband as long as you file a joint return. You also are allowed an exemption deduction for yourself. A spouse is never considered a dependent. However, you can claim an exemption for your husband as long as you file a joint return. You also are allowed an exemption deduction for yourself. A spouse is never considered a dependent. However, you can claim an exemption for your husband as long as you file a joint return. You also are allowed an exemption deduction for yourself.
What is the difference between exemption and deduction?
Exemption doesn't form part of total income while deduction form part of a total income.
How many should you claim on your income taxes?
You should claim all the exemptions to which you're entitled. Unless you're claimed as a dependent on someone else's return, you're entitled to a personal exemption. If you're married, your spouse also claims a personal exemption. Claim one exemption for each dependent, if any. The number of exemptions is one of the items on your return that reduces the amount of your adjusted gross income (AGI).Go to www.irs.gov/formspubs to view/print Publication 501 (Exemptions, Standard Deduction, and Filing Information).
Can you claim your wife as a dependent on your taxes if you file separately?
No. If you are Married Filing Separately, then you only can claim your personal exemption. Your wife's personal exemption only can be claimed by her if you're Married Filing Separately. Your spouse, whether filing jointly or separately, can't be considered your dependent.
Would a student who is a dependent of his parents pay more income tax?
Because he earns more than the standard deduction and doesn't get to claim his own exemption (a deduction for being self supporting, something you'll get once you're on your own).
Can you get a tax exemption for money paid for a deductible on an accident claim if the accident is not your fault?
Prefaced by the standard - generally, under most circumstances, etc - and what your looking for is a deduction (of the expense), not an exemption (which would be advantageous if it was income). Yes, as it would be a casualty loss deduction. However, as the casualty deduction has some restrictions to meet before it can be claimed, which is likely not to be met by the generally modest amount of a deductible, unless you have losses on top of the deductible, it is likely not really available.
What A part time house cleaner made 9258.13 last year if he claimed himself as an exemption for 3650 and had 5700 standard deduction what was his taxable income last year?
you would have no money left
Can an eighty year old person be claimed as an exemption if they are living with their children?
Being eighty years old does not disqualify a person from being claimed as a dependent. Being eighty years old does not automatically make a person a dependent. Refer to Table 5 on page 11 of Publication 501 to find out who may be claimed as a dependent: http://www.irs.gov/pub/irs-pdf/p501.pdf
Does being a dependent have any affect on your income taxes?
Yes. You may not claim your personal exemption, you may have a reduced standard deduction, you may not be able to claim certain education benefits, you may not claim another person as a dependent, and many other effects.
Can you carry 3 month old baby on income taxes?
What could you possibly mean by carry? Your dependents, and a 3 month old may be a dependent, can be claimed as a deduction.
Federal income tax exemptions?
The deduction per exemption is $3,500 in 2008.
