You cannot claim your own personal exemption if someone else can claim you as a dependent.
Personal exemptions work just like adjustments to income and the standard or itemized deductions. Personal exemptions reduce your taxable income, thereby reducing your total tax.
Personal exemptions are phased out if your adjusted gross income exceeds a certain threshold.
- Single: $156,400
- Head of Household: $195,500
- Married Filing Jointly: $234,600
- Married Filing Separately: $117,300
- Qualifying Widow/Widower: $234,600
More information from About.com:
Figuring Your Tax
Claiming Your Personal Exemptions
