Question 1 and 2

Which of the following statements concerning the overall limitation on itemized deductions is true? A) The limitation has no effect on a taxpayer's standard deduction. B) The limitation applies only to taxpayers with a 39.6% marginal income tax rate. C) The limitation can reduce a taxpayer's total itemized deductions to zero. D) Statements A., B., and C. are false. Which of the following statements concerning the exemption phaseout is true? A) The phaseout applies only to taxpayers with a 39.6% marginal income tax rate. B) The phaseout doesn't apply to taxpayers who use the standard deduction instead of electing to itemize deductions. C) The phaseout can reduce a taxpayer's exemption amount to zero. D) Statements A., B., and C. are false