Starting in 2011 , Chuck and Luane have been purchasing Series EE bonds in their name to use for the higher education of their daughter Susie, who currently is age 18. During the year, they cash in $12,000 of the bonds to use for freshman year tuition, fees, and room and board. Of this amount, $5,000 represents interest. of the $12,000,$8,000 is used for tultion and fees and $4,000 is used for room and board. Chuck and Luane's AGI, before the educational savings bond exclusion, is $132,200. Review $135, and answer the following questions. If an amount is zero, enter " 0 ". a. Chuck and Luane, who will file a joint return, and Susle want to understand the tax consequences. For each statement below, help them by indicating whether the statement is "True" om "False". If Chuck and Luane file a joint, how much is the savings bond exclusion? Round any division to five decimal places. Round your final answer to the nearest dollar. x Feedback 7 Check Ny Work Congress has attempted to assist low-to middle-income parents in saving for their children's college education. One of the ways Congress assists such families is through an interest income exclusion on educational savings bonds. b. Assume that Chuck and Luane purchased the bonds in Susie's neme. Determine the tax consequences for Susle. X of savings bond interest is included in Susie's gross income