Final answer:
True. Under certain circumstances, a taxpayer may be eligible to take both the standard deduction and itemized deductions in the same year.
Step-by-step explanation:
True. Under certain circumstances, a taxpayer may be eligible to take both the standard deduction and itemized deductions in the same year. However, it is important to note that taxpayers cannot claim both deductions simultaneously, but rather they have to choose one or the other based on their specific tax situation.
For example, let's say a taxpayer has $10,000 in itemized deductions, which is less than the standard deduction amount for their filing status. In this case, it would be more beneficial for the taxpayer to claim the standard deduction instead of itemizing their deductions. On the other hand, if the taxpayer has $15,000 in itemized deductions, it would make more sense for them to choose itemized deductions instead of the standard deduction.
It's important for taxpayers to consult with a tax professional or refer to the IRS guidelines to determine which deduction is most advantageous for their specific circumstances.