Question

What is the difference between a personal exemption and a dependency exemption? Are all taxpayers allowed...

What is the difference between a personal exemption and a dependency exemption? Are all taxpayers allowed a personal exemption?

Homework Answers

Answer #1
Explanation personal dependency
Applicability applies to all tax payers (never greater than two applies to those individuals who qualifies taxpayer dependent
entitlement not all taxpayers entitled to personal exemption dependent of another not allowed to claim personal exemption

the effect of this provision is allowed to only 1exemption per individual. if there is a tax payment, then total number of exemptions are equal to total US population

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