Arthur files a single income tax return and his maximum tax-free interest under the educationsavings bond program is $6,000. How much of the interest is excludible if his modified adjustedgross income exceeds the applicable dollar limit by $5,000 (one-third of the phaseout range)?

Answer:- Gross income meaning:- The total money a person receives from their paychecks before any…

Answered: Arthur files a single income tax return…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 24P

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Arthur files a single income tax return and his maximum tax-free interest under the education savings bond program is $6,000. How much of the interest is excludible if his modified adjusted gross income exceeds the applicable dollar limit by $5,000 (one-third of the phaseout range)?