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Under the new law, for 2010, the exemption amount has increased to $72,450 for married couples filing jointly; $47,450 for individual taxpayers and $36,225 for married couples filing separately.
Delaware and Hawaii allowed their taxes to expire after Congress repealed the credit for state estate taxes, but reenacted the taxes in 2010. Exemption amounts under the state estate taxes vary, ranging from the federal estate tax exemption amount or $5.34 million, indexed for inflation (two states) to $675,000 (New Jersey).
For 2010, the personal. As you fill out your federal income tax return, even before you report your income, the IRS asks you to list your personal exemptions. ... exemptions reduce your taxable ...
The married-filing-separately (MFS) phase-out does not stop when the exemption reaches zero, either in 2009 or 2010. This is because the MFS exemption is half of the joint exemption, but the phase-out is the full amount, so for MFS filers the phase-out amount can be up to twice the exemption amount, resulting in a 'negative exemption'.
However, the law that created increased exemptions and the ultimate repeal of the GST tax expired on December 31, 2010. [10] In 2016, the exemption was $5.45 million per person. Starting in 2011, the GST exemption amount for generation-skipping trusts and for outright gifts to skip-persons, is $5 million per person (or $10 million for a married ...
For 2009, the personal income tax exemption amount is $3,650. That's per person, not per family. That amount applies so long as your adjusted gross income (AGI) falls under the phaseout amount.
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
Colorado has a $200,000 exemption, or $250,000 for people who are over 60 or disabled. [5] In most states, the real dollar value of "protection" provided by the laws has diminished, as exemption dollar amounts are seldom adjusted for inflation.