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

question 99

True/False

Tom, whose MAGI is $40,000, paid $3,500 of interest on a qualified student loan in 2017. Tom is single. He may deduct the $3,500 interest as an itemized deduction.

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Definitions:

Spec'd

A shorthand or slang term for "specified," referring to the detailed and particular requirements or features of a vehicle or component.

Tandem Drive Axle

A pair of drive axles found on trucks or heavy vehicles, providing additional support and power distribution for handling heavy loads or difficult driving conditions.

Nominal Size

The labeled or advertised dimensions of a component, which may not exactly match its actual, physical size.

Construction

The process of building or assembling infrastructure, buildings, or other physical structures, involving planning, design, and execution.