Thomas Brinker, Jr., Professor of Accounting and Executive Director of the M.B.A. program, co-authored a paper, "Has Claiming the Dependency Exemption Become Simplified, Clarified, of More Complicated with Recent Changes?' which was published in the Sept. edition of Journal of Financial Service Professionals.
The column explores some of the often overlooked details of the dependency exemption. It identifies the importance impact of a permanently disabled child and clarifies that, while the among of a dependency exemption is the same for all taxpayers, the tax benefit of his deduction varies among taxpayers due to differential tax brackets. It points out that with the potential return of the phaseout of personal and dependency exemptions, this benefit may be reduced or even reversed.