Tom,whose MAGI Is $40,000,paid $3,500 of Interest on a Qualified

question 94

True/False

Tom,whose MAGI is $40,000,paid $3,500 of interest on a qualified student loan in 2016.Tom is single.He may deduct the $3,500 interest as an itemized deduction.

---

Definitions:

Food, Conservation, And Energy Act

A comprehensive piece of legislation passed in the United States that governs agricultural and food policy, aimed at promoting conservation, energy efficiency, and food security.

Farm Subsidies

Financial aid and support programs provided by governments to help farmers reduce the risk of farming, ensuring a stable food supply.

Direct Payments

Cash transfers from governments to individuals or businesses for specific purposes, often used in agricultural subsidies or social welfare programs.

Agricultural Price Supports

Government interventions to stabilize or increase agricultural commodity prices through mechanisms such as subsidies, minimum price settings, or purchasing surplus.