How much of the bond interest is excludable

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Reference no: EM131839417

Question: Bob is a student . In 2007, his parents purchased Series EE bonds. In 2016 his parents redeemed the bonds, receiving $1,000 of interest and $5,400 of principal. His parents have income from other sources of $74,000. During 2016 his parents paid $7,000 in tuition and fees for Bob

A. How much of the Series EE bond interest received during 2016 is excludable?

B. If Bob received a $1,400 scholarship during 2016, how much of the bond interest is excludable.

Note: His parent's payments are reduced by the scholarship amount

C.If Bob did not receive a scholarship but the parents' 2016 income from other sources is $135,850 how much of the interest is excludable?

Reference no: EM131839417

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