Personal exemptions are tax deductions based on the number of taxpayers and dependents in the taxpayer's household.

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Personal exemptions are indeed tax deductions based on the number of taxpayers and dependents in the taxpayer's household. Each exemption reduces the taxable income by a specific amount, which is determined by the IRS each year. However, it's worth noting that personal exemptions were suspended in 2018 as part of the Tax Cuts and Jobs Act (TCJA), so they aren't currently available.

Personal Exemptions Are Tax Deductions Based on the Number of Taxpayers