Dependent Exemption
/dəˈpɛndənt ɪɡˈzɛmpʃən/
Definitions
- (n.) A tax deduction allowed for each qualified dependent, reducing taxable income.
Claiming a dependent exemption can lower your overall tax liability.
Forms
- dependent exemption
- dependent exemptions
Related terms
See also
Commentary
The term is primarily used in tax law contexts; its scope depends on statutory definitions of 'dependent.'
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.