Worksheet for Phaseout of Personal Exemption Deduction Amount: Worksheet for Calculating Phaseout of Personal Exemption Deduction (2024)

Who files this form

You must use this worksheet to calculate the reduction in your personal exemption deduction if your estimated Maine adjusted gross income for tax year 2024 is greater than:

• $323,900 if single.
• $356,300 if head of household.
• $388,650 if married filing jointly or a qualifying surviving spouse.
• $194,325 if married filing separately.

What you'll need

Have your 2024 Estimated Tax Worksheet available. You will need your estimated Maine adjusted gross income from line 5.

You will also need:

• Your taxpayer name and Social Security number.
• Your filing status.
• Whether you or, if filing jointly, your spouse can be claimed as a dependent on another person’s return.

Common mistakes

• Continuing when no phaseout applies: If line 3 is zero or less, stop. Your personal exemption amount is not subject to the phaseout.
• Entering a ratio above the limit: If line 3 divided by line 4 is one or more, enter 1.0000 on line 5.
• Overlooking dependent status: Enter $0 on line 6 if you can be claimed as a dependent, or if filing jointly and both spouses can be claimed. If filing jointly and only one spouse can be claimed, enter $5,000.
• Not transferring the result: Enter the amount from line 8 on your 2024 Estimated Tax Worksheet, line 6b.

Questions people ask

What personal exemption amount do I start with for 2024?

Line 6 starts with $5,000 if you are single, head of household, or married filing separately. It starts with $10,000 if you are married filing jointly or a qualifying surviving spouse. The worksheet requires adjustments if you or your spouse can be claimed as a dependent.

What amount do I use on line 4?

Enter $125,000 if you are single, head of household, married filing jointly, or a qualifying surviving spouse. Enter $62,500 if married filing separately.

How do I calculate the reduction in my exemption?

Divide line 3 by line 4 and enter the result on line 5. If the result is one or more, enter 1.0000. Multiply your line 6 exemption amount by line 5 to calculate the reduction on line 7.

Where does the final amount go?

Subtract line 7 from line 6 to get your estimated 2024 Maine personal exemption amount on line 8. Enter that amount on line 6b of your 2024 Estimated Tax Worksheet.

Official sources

• https://www.maine.gov/revenue/sites/maine.gov.revenue/files/inline-files/24_1040es_pers_exempt_phaseout_wksht.pdf