What exemption amount was allowed in 2011?

In 2011, the personal exemption amount was set at $3,700. This figure is significant in the context of income tax as it directly reduces the taxpayer's taxable income, allowing for a lower overall tax liability. Taxpayers could claim this exemption for themselves and for each qualifying dependent, which means that the actual impact could be multiplied based on the number of exemptions claimed.

The exemption amounts can change each year due to inflation adjustments or legislative decisions, and knowing the correct amount for 2011 is essential for accurately preparing tax returns for that year or for understanding historical tax reporting impacts. In the context of tax preparation, being familiar with these specific figures helps ensure compliance and maximizes benefits for taxpayers.