Cecil cashed in a Series EE savings bond with a redemption value of $$15,500$ and an original cost of $$10,850.$

For each of the following independent scenarios, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer:

Note: Leave no answer blank. Enter zero if applicable.

Required:

a$.$ Cecil plans to spend all of the proceeds to pay his son's tuition at State University. Cecil's son is a full$-$time student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $$65,800.$

b$.$ Assume the same facts in part $($a$),$ except Cecil plans to spend $$4,650$ of the proceeds to pay his son's tuition at State University, and Cecil estimates his modified adjusted gross income at $$63,100.$

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Required A

Required B