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REY [17]
3 years ago
13

In February of the current year, Paul and Jean, a married couple, cashed a qualified Series EE savings bond they bought in Novem

ber 2008. They received proceeds of $7,132, representing principal of $5,000 and interest of $2,132. In the current year, they helped pay their daughter’s college tuition. The qualified education expenses they paid in the current year totaled $4,000. They are not claiming an education credit for the expenses, and they do not have an education IRA. How much interest income can Paul and Jean exclude?
Business
1 answer:
Sergeeva-Olga [200]3 years ago
4 0

Answer:

Explanation:

Calculation of amount of interest income Paul and Jean can exclude =I \frac{E}{P+I}

where I = interest received, E = educational expenses, P = principle.

Proceeds received                                 $7,132  

Principle                                                         $5,000  

Interest                                                         $2,132  

Qualified Higher Educational expenses $4,000

=2132*(4000/(5000+2132))= $1,195.74  

Answer is 1,195.74 exclusion

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