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"exemption amount" is a correct and commonly used phrase in written English.
It refers to a certain amount of something that is exempted or excluded from a larger amount. Example: The exemption amount for income tax in this country is $12,000. This means that any income below $12,000 is not taxable and does not need to be reported to the tax authorities.
Exact(60)
For married couples, the exemption amount climbs to $66,250 from $62,550.
CCH predicts that the personal exemption amount for 2013 will be $3,900 per person.
Dynasty trusts can grow much larger than the $3.5 million exemption amount would suggest.
Since money in the bypass trust is covered by the exemption amount, it will not be taxed when you die.
Instead of rewriting the will every few years, clauses were put in to reflect the rising exemption amount.
For 2008, the exemption amount is $2 million a person and the rate is 45percentthethexemptionon increases to $3.5 million in 2009 with the rate unchanged.
But the new law includes a provision called portability that allows the surviving spouse to use any leftover exemption amount, even if it was not put in trust.
This week, I'm looking at estate planning, where the focus over the last decade has been on the exemption amount and the tax rate above it.
This exemption amount is adjusted for inflation.
No, but the surviving spouse's own exemption amount is after 2011.
If you miss a year, you can't go back and claim that year's exemption amount.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com