If a taxpayer's adjusted gross income exceeds certain threshold amounts, he or she may be required to reduce the amount of the otherwise allowable deductions for itemized deductions and personal and dependency exemptions in 2015.

Question

Quizplus · Accepted Answer

This is true. The phase-out of deductions and exemptions begins at certain threshold levels of adjusted gross income.

If a Taxpayer's Adjusted Gross Income Exceeds Certain Threshold Amounts