question.jpgIn Federal Income Tax

What amount can I claim for personal exemptions in 2006?

The amount of the personal exemption has increased for 2006 – you can now claim a deduction of $3,300 for each allowable exemption (this is a $100 increase, as the exemption was $3,200 for the 2005 tax year). Remember, however that there is a phaseout of the personal exemption.