Tax Planner Exemptions

owens.trev
owens.trev Quicken Windows Subscription Member
in Budgeting and Planning Tools (Windows)
My tax planner will not calculate my exemptions in the tax planner. it shows 2 for me and the spouse, i input 2 for the dependents, it shows 4 for the total exemptions, but 0 for the exemption deduction. Am i over looking something?

Answers

  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    edited January 2021
    The personal exemption deduction was eliminated in the 2017 tax law change.
  • owens.trev
    owens.trev Quicken Windows Subscription Member
    i should still have dependent exemption though correct?
  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    edited January 2021
    owens.trev said:
    i should still have dependent exemption though correct?
    The exemption is $0 through the tax year 2025.  The ability to claim additional dependents may enable you to qualify for other tax benefits.
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