Dependency Exemption
/dɪˈpɛndənsi ɪɡˈzɛmpʃən/
Definitions
- (n.) A tax exemption claimed by a taxpayer for a qualifying dependent, reducing taxable income.
He claimed a dependency exemption for his child on his federal tax return.
Forms
- dependency exemption
- dependency exemptions
Related terms
See also
Commentary
Often superseded or modified by changes in tax law, such as the suspension of personal and dependency exemptions under the Tax Cuts and Jobs Act of 2017.
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