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2008 Values for Personal Exemption Phaseout

In 2008, the personal exemption will be $3,500 per person. Because they are indexed for inflation, the income ranges over which personal exemptions phase out will increase to:

Filing StatusPhaseout BeginsPhaseout Ends
Single$159,950$282,450
Head of Household$199,950$322,450
Married Filing Joint or Qualifying Widow(er)$239,950$362,450
Married Filing Separately$119,975$181,225

In addition, the 2008 reduction cannot exceed one-third of a taxpayer’s full exemptions; thus, each exemption cannot be reduced below $2,333. As in 2007, that maximum reduction occurs when AGI exceeds the relevant threshold by more than $122,500.