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The Curious Bag
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Exemptions are claimed on your tax return for each person that you support under IRS guidelines. You can claim an exemption for your children and others you support, such as parents, siblings, grandchildren or nonrelatives who have spent the entire year with you and meet other requirements.
Types
When you file joint taxes, you can claim exemptions for yourself, your spouse, any children who are your dependents and others who meet the requirements. Children must be younger than 19 unless they are full-time students, in which case they can be as old as 24.
Value
In the 2009 filing year, each exemption you claim decreases your taxable income by $3,650. For example, if you claimed three exemptions--one each for you, your spouse and your child--your taxable income would decrease by $10,950.
Tax Forms
You can claim exemptions for only yourself and your spouse if you file your taxes using form 1040 EZ. If you use form 1040 or 1040A, you also can claim dependents as exemptions, but you must include their Social Security numbers on your tax return.
Information
Some relatives may be claimed as a dependent even if they did not live with you. However, you must have provided more than half of their support.
Considerations
A child can be claimed as a dependent only on one tax return, so if you have a child from a previous marriage, you and your former spouse cannot both claim her for the tax benefit.
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