Individual taxpayers can itemize allowed expenses if they have income of over $250,000,but they must take the standard deduction if their income is below $250,000.

Question

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The statement is incorrect. Taxpayers can choose to either itemize allowed expenses or take the standard deduction regardless of their income level. However, some deductions and credits may be limited or phased out based on income level.

Individual Taxpayers Can Itemize Allowed Expenses If They Have Income