Question
Starting in 2003, Donald and Bella have been purchasing Series EE bonds in their name to use for the higher education of their daughter Ashley,
Starting in 2003, Donald and Bella have been purchasing Series EE bonds in their name to use for the higher education of their daughter Ashley, who currently is age 21. In 2018, they cash in $9,000 of the bonds to use for tuition, fees, and room and board. Of this amount, $3,000 represents interest. Of the $9,000, $8,100 is used for tuition and fees, and $900 is used for room and board. Donald and Bella's AGI, before the educational savings bond exclusion, is $128,950. If an amount is zero, enter "0".
a. If Donald and Bella file a joint, how much is the savings bond exclusion?
Round any division to two decimal places and use rounded amount in subsequent computations. If required, round your final answer to the nearest dollar.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started