[jsteinberger]

Do we have to know personal exemption amounts? I am using CPA Excel and it was one of the questions on a SIM. I got it wrong (because I didn’t think we had to memorize that amount). My CPA Excel instructor said personal exemption amounts would be given to us on the exam if needed. Does that sound right?

[barelystayingsane]

Since exemptions are indexed for inflation, it's unlikely that you would have to know the amount because the AICPA doesn't want to have to rewrite the problem each year. With that being said, it wouldn't hurt to know it. $3,900 is a pretty easy number to remember.

Also, I don't know if it's important to know this, but for 2013, exemptions (along with itemized deductions) are now phased out. The phase-out amount isn't important to know, but I think it's only for the very rich (single AGI of $250k-$300k).

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