If a taxpayer's adjusted gross income exceeds certain threshold amounts, he or she may be required to reduce the amount of the otherwise allowable deductions for itemized deductions and personal and dependency exemptions in 2014.

Question

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This is correct. The phase-out of itemized deductions and personal and dependency exemptions begins at certain income threshold amounts for taxpayers in 2014.

If a Taxpayer's Adjusted Gross Income Exceeds Certain Threshold Amounts