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What is number of fed exemptions?

Every filer is allowed one exemption for themselves and one for each member of their immediate family (i.e. spouse and children). For 2005, each exemption was worth $3,200 and it is deducted from your Adjusted Gross Income. You do not need to itemize in order to take advantage of this.

This deduction was actually added to the tax code way back when for the benefit of one senator who had a large family. Source(s): CPA

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