2008 Personal Exemption Amounts from the Internal Revenue Service

For 2008 the IRS has established the Personal Exemption Amount to be $3,500.

Maximum 2008 Income when Phase Outs Begin

The maximum amount you can earn before your personal exemption begins to phase out is based on your income tax filing status for 2008. If you are filing a single tax return your maximum amount of income is $159,950 before you begin to have your exemption phased out. If you are a Head of Household your maximum income is $199,950. If you are Married Filing Separately your maximum is $119,975 before phase outs begin. Finally, if you are Married Filing Joint your maximum income is $239,950 before your personal exemption begins to be phased out.

New Mimimum Personal Exemption for 2008 Taxes

A new rule from the IRS starting in 2008 is that your Personal Exemption can not go any lower than $2,333. This should provide a large tax break to families with several personal exemptions and an income above the maximum limit before phase outs.