An exemption, which reduces the taxable income, which is available to taxpayers for any eligible dependents. The amount of exemption is preset but varies from year to year.
An amount that the tax law allows to be deducted from an individual’s taxable income. A dependency exemption amount is allowed for each person the taxpayer can legally claim as a dependent.
Amount that taxpayers can claim for their eligible dependents. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
An amount deductible from adjusted gross income in arriving at taxable income for each dependent claimed by an individual taxpayer.
now connected with several educational and child care tax credits, the dependency exemption represents a sum of money a person can subtract--for each dependent she/he claims--from her/his adjusted gross income, per the requirements set forth in the IRC (Internal Revenue Code). Unless bargained away, or ordered otherwise by the court, the dependency exemption for children will belong to the parent with primary physical custody upon divorce.
An exemption for an individual who qualifies as the taxpayer's dependent ($2,750 for 1999).
An exemption of $2,750 for qualified individuals with dependents.
Amount that taxpayers can claim for a "qualifying child" or "qualifying relative". Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year. One exemption is allowed for each qualifying child or qualifying relative claimed as a dependent.
An exemption for an individual who qualifies as the taxpayer's dependent ($2,800 for 2000).