No Personal and Dependency Exemptions
Updated: Apr 14, 2020
In the past, you could claim exemptions for yourself (and spouse) as well as for your children and other dependents ($4,050 for each exemption in 2017). No more. Exemptions have been eliminated for 2018 (through 2025) on the theory that they’re more than made up by an increased child tax credit (discussed next), the higher standard deduction amount, and other favorable tax changes.