QUESTION 15 Generally, itemized deductions are personal expenses specifically allowed by the tax law. True False QUESTION 16 Refundable tax credits are allowed to reduce or totally eliminate a taxpayer's tax liability but any credits in excess of the tax liability are lost True False QUESTION 17 Taxable income for an individual is defined as Al reduced by the greater of the standard deduction or itemized deductions. gross income reduced by itemized deductions. AGi reduced by tax credits. AGi reduced by itemized deductions and tax credits