What is the personal exemption?
The personal exemption is a statutorily determined exemption ($3100 as of 2004) that all taxpayers may make on their tax return from their gross income. Each individual filing by himself supports one personal exemption. As long as a person is not being claimed by someone else as a dependant, they may make this exemption. For young persons, if your parents claim you as a dependant, you may not take this exemption from your income.
