Tom, Whose MAGI Is $40,000, Paid $3,500 of Interest on a Qualified

question 92

True/False

Tom, whose MAGI is $40,000, paid $3,500 of interest on a qualified student loan in 2018. Tom is single. He may deduct the $3,500 interest as an itemized deduction.

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Definitions:

Birth Rates

Birth rates refer to the number of live births per 1,000 people in a population over a given time period, a key indicator of population growth.

Newly Industrialized

Describes countries that have moved from primarily agricultural to primarily manufacturing and industrial activities.

Human Capital

Human capital is the collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community.

Existing Technology

The current state of technological development and the tools and processes available for production.