A taxpayer has a net capital loss of $5,000 in 2022. How much of the loss can be deducted against ordinary income?
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A) A tax deduction reduces taxable income, while a tax credit reduces tax liability B) A tax deduction reduces tax liability, while a tax credit reduces taxable income C) A tax deduction is only available for business expenses, while a tax credit is only available for personal expenses D) A tax deduction is only available for individuals, while a tax credit is only available for businesses A taxpayer has a net capital loss of $5,000 in 2022
What is the purpose of Form W-2?