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 2016,this limitation on the amount of itemized deductions for high-income taxpayers is back in effect.

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Quizplus · Accepted Answer

This statement is true. The limitation on the amount of itemized deductions for high-income taxpayers was reinstated for the 2016 tax year, with the same calculation as in previous years.

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