Which of the following is a true statement?
A)The deduction for interest on educational loans is subject to a phase-out limitation
B)The deduction for moving expenses is subject to a phase-out limitation
C)Self-employed taxpayers are allowed to deduct health care premiums even if the taxpayer is eligible to participate in an employer-provided health plan
D)Excess business losses are deductible up to $100,000
E)All of these choices are false.

Question

Quizplus · Accepted Answer

The deduction for interest on educational loans is indeed subject to a phase-out based on the taxpayer's modified adjusted gross income (MAGI), making this statement true.

Which of the Following Is a True Statement