For 2013,Nigel and Lola,married taxpayers without children,calculated their total allowable itemized deductions to be $17,100.Accordingly,Nigel and Lola file jointly and should deduct from adjusted gross income
I.the standard deduction amount of $12,200
II.total itemized deductions equal to $17,100.
III.one personal and one dependency exemption amount.
IV.exemption amounts totaling $7,800.

Question

Quizplus · Accepted Answer

Nigel and Lola should compare their total itemized deductions of $17,100 with the standard deduction amount of $12,200. Since $17,100 is greater than $12,200, they should choose to deduct their total itemized deductions. Therefore, statement II is correct. 
As married taxpayers, they are entitled to one personal and one dependency exemption amount, making statement III correct. Exemption amounts totaling $7,800 are calculated by multiplying the exemption amount ($3,900 for 2013) by two, which makes statement IV correct. Statement I is incorrect because they are choosing the itemized deduction instead of the standard deduction. Therefore, the best choice is D.

For 2013,Nigel and Lola,married Taxpayers Without Children,calculated Their Total Allowable