For the 2014 tax year, filers can claim exemptions for three different categories, worth $3,950 each, if they meet the requirement for each exemption. Also, taxpayers who are high-income may be subject to a phase-out rule, in which these exemptions do not apply.

Yourself:

Unless you are claimed as a dependent on someone else’s tax return, you may claim a personal exemption. If you meet eligibility requirements to be claimed as a dependent, you will not be able to take a personal exemption, regardless of whether or not the other person actually claims you as a dependent. This is true for any of your dependents as well.

Your Spouse:

If you file a joint return and your spouse is not eligible to be claimed as a dependent by any other taxpayer, you may claim an exemption. Those who file separately can only claim the other spouse if they have no income whatsoever and are not a dependent of anyone else.

Your Dependents:

A child or other relative must meet all qualifications to be considered a dependent. Also, the child or qualifying relative must meet citizen or residency requirements, and typically must file a separate return if they are married. If either you or your spouse (when you file jointly) are eligible to be claimed as someone else’s dependent, you will not be entitled to any exemptions for dependents.