Which of the following is a true statement?
A)Personal exemptions,but not dependency exemptions,are subject to phase-out.
B)A married filing joint taxpayer with AGI of $500,000 would not be able to deduct personal and dependency exemptions.
C)At most,only 80% of exemptions are subject to phase-out.
D)Itemized deductions,but not exemptions,are subject to phase-out.
E)None of these is truE.Married filing joint taxpayers with AGI of $422,501 or greater receive no exemption deductions.

Question

Quizplus · Accepted Answer

According to the IRS, for tax year 2020, a married filing joint taxpayer with an AGI of $311,025 or more is subject to the phase-out of personal and dependency exemptions. However, the taxpayer may still be able to claim a reduced exemption amount if their AGI is below $422,501. Therefore, a taxpayer with an AGI of $500,000 would be subject to the phase-out and not be able to fully deduct their exemption amount.

Which of the Following Is a True Statement