Can I Claim Myself on My Federal Taxes?
The Internal Revenue Service allows people to claim personal exemptions on their federal income taxes for each person they support, including yourself. Knowing whether you can claim yourself on your income taxes can help you save money on your federal income taxes and avoid an IRS audit of your tax return.
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Requirements
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In order to claim yourself on your federal income taxes, you cannot be claimed on another's income tax return as a dependent. The IRS only permits each person to be claimed on one income tax return, so if someone else can claim you as a dependent on their income tax return, you cannot claim yourself on your income taxes. For example, if your parents can claim you on their tax return, you cannot claim yourself when you file.
Personal Exemption
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If you can claim yourself on your federal income taxes, you receive credit for one personal exemption. Each personal exemption decreases your income subject to federal income taxes. The exact amount varies over time with inflation. For example, in 2011, each personal exemption is worth $3,700, a $50 increase from the $3,650 value of a personal exemption in 2010.
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Tax Savings
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The amount that claiming yourself on your taxes saves you depends on your marginal income tax bracket. The IRS uses a progressive tax structure, meaning higher income amounts are taxed at a higher rate. Your marginal income tax bracket refers to your highest income tax rate. You can find your marginal tax rate by looking at the IRS Tax Schedules in IRS Publication 17 in finding where your taxable income falls for your filing status. The higher your marginal tax bracket, the more your personal exemption saves you on your income taxes. You can find your exact savings by multiplying your marginal income tax rate by the exemption value. For example, if the exemption is worth $3,700 and your marginal tax rate equals 23 percent, multiply $3,700 by 0.23 to find claiming yourself saves you $851.
Tax Filing
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When you file your income taxes, you can use either Form 1040, Form 1040A or Form 1040EZ if you claim yourself. When you file using Form 1040EZ, your personal exemption is counted when figuring your standard deduction because you cannot claim any additional dependents. For Forms 1040 and 1040A, your exemptions are calculated and reported on a separate line. The value is then subtracted from your adjusted gross income.
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