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Abstract

Exemption phaseout. You lose part of the benefit of your exemptions if your adjusted gross income (AGI) is above a certain amount. For 2009, the phaseout begins at $125,100 for married persons filing separately; $166,800 for single individuals; $208,500 for heads of household; and $250,200 for married persons filing jointly or qualifying widow(ers). However, in 2009, you can lose no more than 1/3 of the amount of your exemptions. In other words, each exemption cannot be reduced to less than $2,433.