The Short Answer

How Do I Claim Dependents Now That Personal Exemptions Are Gone?

Karen Wallace, CFP®

Question: I used to be able to take personal exemptions for myself, my spouse, and my dependents, but now those are gone. How will that affect my taxes this year?

Answer: Many taxpayers are worried that they'll have a higher tax bill for 2018 because exemptions and certain deductions have been repealed. But most households will actually pay less in taxes under the new laws.