Which of the deductions listed below is subject to the phase-out of the total dollar amount of certain itemized deductions that may be claimed by high-income individuals?
A)Charitable contributions.
B)Investment interest expense.
C)Medical costs.
D)Personal casualty losses.

Question

Quizplus · Accepted Answer

Charitable contributions are subject to the phase-out of total itemized deductions for high-income individuals. The phase-out begins when the taxpayer's adjusted gross income (AGI) exceeds a certain threshold amount ($313,800 for married filing jointly and $261,500 for single individuals in 2020) and reduces the total amount of itemized deductions by 3% of the excess over the threshold.

Which of the Deductions Listed Below Is Subject to the Phase-Out