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Personal Exemptions

4491-05 Personal Exemptions v1.0 VO.ppt. Personal Exemptions. Pub 4012 Tab C Form 1040 Lines 6, 42 Pub 17 Chapter 3. LEVEL 2 TOPIC. Exemptions. Pub 4012: Page C-2. Exemptions. Personal exemption for TP & Spouse Dependent exemption for each: Qualifying child Qualifying relative.

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Personal Exemptions

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  1. 4491-05 Personal Exemptions v1.0 VO.ppt Personal Exemptions Pub 4012 Tab C Form 1040 Lines 6, 42 Pub 17 Chapter 3 LEVEL 2 TOPIC NJ Training TY2010 v1.0

  2. Exemptions • Pub 4012: Page C-2 NJ Training TY2010 v1.0

  3. Exemptions • Personal exemption for TP & Spouse • Dependent exemption for each: • Qualifying child • Qualifying relative NJ Training TY2010 v1.0

  4. Personal Exemptions • One for taxpayer and one for spouse when filing jointly • TP is ineligible if another can claim them • Widow/er, if not remarried by 12/31, can claim spouse in year of death i.e. MFJ • MFS can claim spouse – if spouse has no gross income, spouse not filing a return, and spouse not the dependent of another taxpayer NJ Training TY2010 v1.0

  5. State of New JerseyDifferences: State vs Federal • Exemptions • State: • Can claim personal exemption for self, even if a minor and also is claimed on parent’s return • Can claim additional exemption if blind or disabled • Full-time students as exemptions in • State – if under 22 - “Dependent Attending College” Box on TaxWise • Federal – if under 24 - Included in TaxWise with any other dependents in “Dependent” section of Form 1040 • Note: No Common Law marriage for NJ NJ Training TY2010 v1.0

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