- You can claim a personal exemption for yourself and your spouse when you file a joint tax return. If you have dependents, you may also claim an exemption for each one.
- For 2009 and 2010, each personal exemption you claim decreases your taxable income by $3,650.
- The amount you will save on your taxes for personal exemption depends on your tax bracket. For example, if you fall in the 28-percent tax bracket, an exemption claimed for 2010 will save you $1,022.
- For 2009, if you are married filing jointly and your adjusted gross income (AGI) exceeds $250,200, the value of your personal exemptions will decrease by 2 percent for every $2,500 you are over the AGI limit.
- You must list your Social Security number, as well as the numbers of your spouse and any other dependents that you claim. Otherwise, your personal exemption may not be allowed.
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