April 27, 2021 Federal Individual Income Tax: Exemptions and Treatment of Dividends (1913-2021) Download Data Print this page Download Data Subscribe Support our work Federal Individual Income Tax: Exemptions and Treatment of Dividends (1913-2021) Income Year Joint Filer Exemption (a) Single Filer Exemption Exemption Amount per Dependent Treatment of Dividends 1913 $4000 (b) $3,000 $0 Exempt 1914 $4,000 $3,000 $0 Exempt 1915 $4,000 $3,000 $0 Exempt 1916 $4,000 $3,000 $0 Exempt 1917 $2,000 $1,000 $200 Exempt 1918 $2,000 $1,000 $200 Exempt 1919 $2,000 $1,000 $200 Exempt 1920 $2,000 $1,000 $200 Exempt 1921 (c) $2,500 $1,000 $400 Exempt 1922 (c) $2,500 $1,000 $400 Exempt 1923 (c) $2,500 $1,000 $400 Exempt 1924 (c) $2,500 $1,000 $400 Exempt 1925 $3,500 $1,500 $400 Exempt 1926 $3,500 $1,500 $400 Exempt 1927 $3,500 $1,500 $400 Exempt 1928 $3,500 $1,500 $400 Exempt 1929 $3,500 $1,500 $400 Exempt 1930 $3,500 $1,500 $400 Exempt 1931 $3,500 $1,500 $400 Exempt 1932 $2,500 $1,000 $400 Exempt 1933 $2,500 $1,000 $400 Exempt 1934 $2,500 $1,000 $400 Exempt 1935 $2,500 $1,000 $400 Exempt 1936 $2,500 $1,000 $400 Fully Taxable 1937 $2,500 $1,000 $400 Fully Taxable 1938 $2,500 $1,000 $400 Fully Taxable 1939 $2,500 $1,000 $400 Fully Taxable 1940 $2,000 $800 $400 Exempt 1941 $1,500 $750 $400 Exempt 1942 $1,200 $500 $350 Exempt 1943 $1,200 $500 $350 Exempt 1944 $1000 (d) $500 $500 (d) Exempt 1945 $1,000 $500 $500 Exempt 1946 $1,000 $500 $500 Exempt 1947 $1,000 $500 $500 Exempt 1948 $1,200 $600 $600 Exempt 1949 $1,200 $600 $600 Exempt 1950 $1,200 $600 $600 Exempt 1951 $1,200 $600 $600 Exempt 1952 $1,200 $600 $600 Exempt 1953 $1,200 $600 $600 Exempt 1954 $1,200 $600 $600 First $50 exempt 1955 $1,200 $600 $600 First $50 exempt 1956 $1,200 $600 $600 First $50 exempt 1957 $1,200 $600 $600 First $50 exempt 1958 $1,200 $600 $600 First $50 exempt 1959 $1,200 $600 $600 First $50 exempt 1960 $1,200 $600 $600 First $50 exempt 1961 $1,200 $600 $600 First $50 exempt 1962 $1,200 $600 $600 First $50 exempt 1963 $1,200 $600 $600 First $50 exempt 1964 $1,200 $600 $600 First $100 exempt 1965 $1,200 $600 $600 First $100 exempt 1966 $1,200 $600 $600 First $100 exempt 1967 $1,200 $600 $600 First $100 exempt 1968 $1,200 $600 $600 First $100 exempt 1969 $1,200 $600 $600 First $100 exempt 1970 $1,250 $625 $625 First $100 exempt 1971 $1350 (e) $675 (e) $675 (e) First $100 exempt 1972 $1,500 $750 $750 First $100 exempt 1973 $1,500 $750 $750 First $100 exempt 1974 $1,500 $750 $750 First $100 exempt 1975 $1,500 $750 $750 First $100 exempt 1976 $1,500 $750 $750 First $100 exempt 1977 $1,500 $750 $750 First $100 exempt 1978 $1,500 $750 $750 First $100 exempt 1979 $2,000 $1,000 $1,000 First $100 exempt 1980 $2,000 $1,000 $1,000 First $100 exempt 1981 $2,000 $1,000 $1,000 (f) 1982 $2,000 $1,000 $1,000 (f) 1983 $2,000 $1,000 $1,000 (f) 1984 $2,000 $1,000 $1,000 (f) 1985 $2080 (g) $1040 (g) $1040 (g) Fully Taxable 1986 $2160 (g) $1080 (g) $1080 (g) Fully Taxable 1987 $3,800 $1,900 $1,900 Fully Taxable 1988 (h) $3,900 $1,950 $1,950 Fully Taxable 1989 $4000 (g) $2000 (g) $2000 (g) Fully Taxable 1990 $4,100 $2,050 $2,050 Fully Taxable 1991 $4,300 $2,150 $2,150 Fully Taxable 1992 $4,600 $2,300 $2,300 Fully Taxable 1993 $4,700 $2,350 $2,350 Fully Taxable 1994 $4,900 $2,450 $2,450 Fully Taxable 1995 $5,000 $2,500 $2,500 Fully Taxable 1996 $5,100 $2,550 $2,550 Fully Taxable 1997 $5,300 $2,650 $2,650 Fully Taxable 1998 $5,400 $2,700 $2,700 Fully Taxable 1999 $5,500 $2,750 $2,750 Fully Taxable 2000 $5,600 $2,800 $2,800 Fully Taxable 2001 $5,700 $2,850 $2,850 Fully Taxable 2002 $6,000 $3,000 $3,000 Fully Taxable 2003 $6,100 $3,050 $3,050 Top Rate 16.05 percent (i) 2004 $6,200 $3,100 $3,100 Top Rate 16.05 percent 2005 $6,200 $3,200 $3,200 Top Rate 16.05 percent 2006 $6,600 $3,300 $3,300 Top Rate 16.05 percent 2007 $6,800 $3,400 $3,400 Top Rate 16.05 percent 2008 $7,000 $3,500 $3,500 Top Rate 16.05 percent 2009 $7,300 $3,650 $3,650 Top Rate 16.05 percent 2010 $7,300 $3,650 $3,650 Top Rate 15 percent 2011 $7,400 $3,700 $3,700 Top Rate 15 percent 2012 $7,600 $3,800 $3,800 Top Rate 15 percent 2013 $7,800 $3,900 $3,900 Top Rate 25.1 percent (j) 2014 $7,900 $3,950 $3,950 Top Rate 25.1 percent 2015 $8,000 $4,000 $4,000 Top Rate 25.1 percent 2016 $8,100 $4,050 $4,050 Top Rate 25.1 percent 2017 $8,100 $4,050 $4,050 Top Rate 25.1 percent 2018 $0 (k) $0 (k) $0 (k) Top Rate 23.8 percent (k) 2019 $0 $0 $0 Top Rate 23.8 percent 2020 $0 $0 $0 Top Rate 23.8 percent 2021 $0 $0 $0 Top Rate 23.8 percent (a) For the years 1916-1943, the personal exemption allowed to joint filers was also allowed for heads of families. For 1948 and subsequent years, an additional exemption is granted to persons over 65 and to the blind. (b) Tariff Act of October 3, 1913. Tax effective on income for last 10 months in 1913. (c) For net incomes in excess of $5,000, personal exemption was $2,000 (d) $500 was the normal exemption per taxpayer in 1944, separate from an exemption on the income surtax (e) In 1971, the increased personal and dependency exemptons were effective one-half of the year. (f) For 1981-1982, the first $200 of combined dividend and interest income ($400 joint) was exempt. For income years 1981-1986, up to $750 ($1,500 for joint returns) of reinvested dividends of public utilities was exempt. (g) Effective in 1985 and 1986, and after 1989, personal exemption allownces were adjusted by changes in the Consumer Price Index (CPI) (h) Beginning in 1988, the personal exemption was phased-out for high income taxpayers (i) Includes the 15 percent top marginal dividends tax rate plus the 3 percent Pease limitation on itemized deductions applied against the top marginal tax rate. The Pease limitation was phased out between 2006 and 2010, and was levied at 2 percent in 2006 and 2007 and 1 percent in 2008 and 2009. The Pease limitation was suspended for 2010, 2011, and 2012. (j) Beginning in 2013, dividends were subject to the 3.8 percent net investment income tax (NIIT) for those with modified adjustment gross income above $200,000 filing single, $250,000 filing joint. The 3 percent Pease limitation on itemized deductions was reinstated in 2013 through 2017. (k) The Tax Cuts and Jobs Act (TCJA) of 2017 made the personal exemption $0 and repealed the Pease limitation for tax years 2018 to 2025. Sources: Internal Revenue Service, Tax Foundation calculations Banner image attribution: Adobe Stock Topics Center for Federal Tax Policy Data Individual and Consumption Taxes Individual Capital Gains and Dividends Taxes Individual Income and Payroll Taxes Individual Tax Expenditures, Credits, and Deductions
