Module 6: Exemptions
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. For 2014, the exemption amount is $3,950. Only one exemption can be claimed per person. An exemption for a particular person cannot be claimed on more than one tax return.
Tax Tutorial: ExemptionsDiscover the two types of exemptions and how exemptions affect income that is subject to tax.
Fact Sheet: ExemptionsPrint this fact sheet on exemptions.
Simulation 6: Identifying Filing Status, Dependents, and ExemptionsAnswer a series of questions about Alicia Garcia. Then, see how your responses are reported in the label, filing status, and exemption sections of the tax return for Alicia Garcia.
Assessment: ExemptionsReview your understanding of exemptions.
Check your understanding of exemptions and how they affect taxable income. Indicate whether each of the statements below is true or false by clicking on the correct answer. To assess your answers, click the Check My Answers button at the bottom of the page.
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