Which of the following is a true statement?

Question

Quizplus · Accepted Answer

Married filing joint taxpayers with AGI of $311,300 or greater in 2017 are subject to the personal exemption phase-out, which reduces the exemption amount by 2% for each $2,500 or part thereof by which the AGI exceeds $311,300 (for single filers, the phase-out begins at $259,400). However, the dependency exemption is not subject to phase-out. Option B correctly states a married filing joint taxpayer with AGI of $500,000 would not be able to deduct personal exemptions since their AGI is above the phase-out threshold.

Which of the Following Is a True Statement