Which of the following is a true statement?
A)The deduction for interest on educational loans is subject to a phase-out limitation.
B)The deduction for moving expenses is subject to a phase-out limitation.
C)Self-employed taxpayers are allowed to deduct health care premiums even if the taxpayer is eligible to participate in an employer-provided health plan.
D)Excess business losses are deductible up to $100,000.
E)All of the choices are false.

Question

Quizplus · Accepted Answer

The deduction for interest on educational loans is indeed subject to a phase-out based on the taxpayer's modified adjusted gross income (MAGI), making this statement true. The other options are incorrect based on current tax laws and regulations.

Which of the Following Is a True Statement