In the past,high-income taxpayers' itemized deductions have been reduced by the lower of 3% of the excess of AGI over the applicable amount or 80% of the itemized deductions otherwise allowable for the tax year.For 2014,this limitation on the amount of itemized deductions for high-income taxpayers is back in effect.

Question

Quizplus · Accepted Answer

This statement is true. The limitation on itemized deductions for high-income taxpayers was reinstated for the 2014 tax year.

In the Past,high-Income Taxpayers' Itemized Deductions Have Been Reduced by the Lower