John M. Hoffman & Associates CPAs

Frequently Asked Questions

Important Tax Numbers ($'s)

• Personal Exemption

Tax Year	2007	2008*
Per Individual	$3,400	$3,400
Dependent Child	0	0
Alternative Minimum Tax (AMT) (single)	$44,350	$44,350
AMT (married filing jointly)	$66,250	$66,250
Simple Trust	$100	$100
Complex Trust	$300	$300

* 2008 numbers are estimated at the same as 2007 and will be updated when released.

As you can see a dependent child gets no personal exemption (as the person claiming that individual gets the exemption instead).

AMT exemptions are very important and are phased out as income rises.