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OLT TAX CORNER ~ Exemptions
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Exemptions FAQ
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What are exemptions? |
Beginning January 1, 2018, the personal exemption deduction has been suspended. There are two types of exemptions: personal exemptions and dependency exemptions. Each exemption reduces the income that is subject to tax by the exemption amount. Only one exemption can be claimed per person. An exemption for a particular person cannot be claimed on more than one tax return. |
Personal exemptions can be claimed for the taxpayer and spouse. |
Each personal exemption reduces the income that is subject to tax by the exemption amount. |
* For 2019 tax year, the exemption amount is $4,050. |
To claim a personal exemption for a spouse: |
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Dependency Exemptions |
Beginning January 1, 2018, the dependency exemption deduction has been suspended. Remember that a dependent is a person other than the taxpayer who entitles the taxpayer to claim a dependency exemption. |
To claim a dependency exemption, all of the dependency tests must be met. The five dependency tests are: |
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Each dependency exemption reduces the income that is subject to tax by the exemption amount. The exemption amount changes every year. |
* For 2019 tax year, the exemption amount is $4,050. |
A taxpayer cannot claim a personal exemption for the taxpayer or the spouse if he or she can be claimed as a dependent on another tax return. |
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I claimed myself on my return. I then found out that my parents wanted to claim me as a dependent on their return. Is there any way I can correct this, even after my return was accepted by the IRS? |
You will need to file an amended return not claiming yourself, or claiming 0 exemptions. You will need to mail in your amended return. Once you do this, your parents will then need to mail in their return claiming you as a dependent. This will all need to be done by mail. And since your return claiming yourself was already accepted, your parents will not be able to e-file and claim you. |
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