Question

Which of the statements regarding the standard deduction, if any, is correct?

a) Some taxpayers may qualify for two types of standard deductions.

b) The standard deduction is not available to taxpayers who are dependents.

c) The standard deduction may be taken as a for AGI deduction.

d) The basic standard deduction is indexed for inflation but the additional standard deduction is not.

e) None of these.

Answer 1

The correct statement regarding the standard deduction is that some taxpayers may qualify for two types of standard deductions.

Step-by-step explanation:

The correct statement regarding the standard deduction is option a) Some taxpayers may qualify for two types of standard deductions.

Option b) The standard deduction is not available to taxpayers who are dependents is incorrect, as dependents can claim a standard deduction.

Option c) The standard deduction may be taken as a for AGI deduction is incorrect, as the standard deduction is taken as a from AGI deduction.

Option d) The basic standard deduction is indexed for inflation, but the additional standard deduction is not incorrect, as both the basic standard deduction and the additional standard deduction are indexed for inflation.

Therefore, the correct answer is option a) Some taxpayers may qualify for two types of standard deductions.