Will the IRS Ever Give Me Back My Personal Exemptions?
The tax law changes that took effect in 2018 were tough for taxpayers to get used to. With brand new tax forms and big changes to key aspects of the tax system, including tax rates, the size of the standard deduction, and the elimination of some favored tax breaks, many taxpayers saw impacts on their taxes they didn't expect.
One big change that had a dramatic impact was the elimination of the personal exemption. Going back for decades, taxpayers had been allowed to claim personal exemptions to reduce their taxable income by thousands of dollars. In 2018, that went away, and although it doesn't look like personal exemptions are coming back, taxpayers need to understand some of the trade-offs that could leave them ahead in the long run.
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Source Fool.com
