A personal exemption is a legally permitted amount deducted from adjusted gross income based on the number of persons supported by the taxpayer's income.

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This statement is true. A personal exemption is a deduction allowed by the IRS that reduces your taxable income based on the number of people you support financially. However, it is important to note that for tax years 2018 through 2025, personal exemptions have been suspended under the Tax Cuts and Jobs Act, and instead taxpayers may be eligible for a higher standard deduction and/or other tax credits.

A Personal Exemption Is a Legally Permitted Amount Deducted from Adjusted