What does "exemption" mean on the 1040 tax form?
Q. I'm an independent contractor and I'm filling out my 1040 tax form, but in the "Exemption" section of the form, what does it mean by "(check box) Yourself. If someone can claim you as a dependent, do not c heck box 6a..." I am single with no children..do I need to check this box? Thank you :)
Asked by xyz - Fri Apr 4 23:26:03 2008 - United States - 3 Answers - Comments

A. Generically, an "exemption" is something that excludes certain things from from something else. In this case, a "tax exemption" allows a certain amount of your income to legally avoid taxation. Specifically, "exemption" on the 1040 tax form is the count of the number of dependents or other people (such as children) who are financially dependent on you. This number (i.e., "tax exemptions") is used to determine how much of your income can legally avoid taxation. If you are single with no children then, you (usually) have no other exemptions besides yourself.
Answered by Brian J - Sat Apr 5 08:33:30 2008

What does an "exemption" mean on my tax papers?
Q. I have to fill out on my FAFSA how many exemptions am I "claiming." I did work last year. Can someone please explain what an "exemption" is? and why did my dad's accountant fill out my 1040 in early 2009 and put in "Exemptions: 01." ? My FAFSA was accepted by my school, but I think I made a mistake. I put in 00 for exemptions.
Asked by pea in a pod - Sat Jan 16 20:18:43 2010 - United States - 1 Answers - Comments

A. on tax returns an exemption amounts to $3650 for everyone on the return, ie. man, wife, and any children they list on your's if your father is claiming your exemption you have none on your return
Answered by tro - Sat Jan 16 20:22:45 2010