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 2015, this limitation on the amount of itemized deductions for high-income taxpayers is back in effect.

Question

Quizplus · Accepted Answer

The statement accurately describes the current limitation on itemized deductions for high-income taxpayers in 2015.

In the Past, High-Income Taxpayers' Itemized Deductions Have Been Reduced