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In 2012, Harry and Mary purchased Series EE bonds, and in 2016 redeemed the bonds, receiving $500 of interest and $1, 500 of principal. Their
In 2012, Harry and Mary purchased Series EE bonds, and in 2016 redeemed the bonds, receiving $500 of interest and $1, 500 of principal. Their income from other sources totaled $30,000. They paid $2, 200 in tuition and fees for their dependent daughter. Their daughter is a qualified student at State University. a. How much of the Series EE bond interest is excludable? b. Assuming that the daughter received a $1,000 scholarship, how much of the interest is excludable? Ignore any tax credits that might be available. c. Assuming the daughter received the $1,000 scholarship and that the parents' income from other sources is $121, 800, how much of the interest is excludable
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