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proceeds Ben decided to purchase Series EE government savings bonds in order to help defray his tuition costs. Ben's redemption from Series EE savings bonds during the taxable year 2022 are $10,000, including the principal amount of $8,500 and interest of $1,500. Ben's actual qualified higher education expenses amounted to $9,000. Ben's adjusted gross income prior to the foreign earned income exclusion and the educational savings bond exclusion for 2022 is $88,500. How much should Ben include in his gross income for 2022?

proceeds Ben decided to purchase Series EE government savings bonds in order to help defray his tuition costs. Ben's redemption from Series EE savings bonds during the taxable year 2022 are $10,000, including the principal amount of $8,500 and interest of $1,500. Ben's actual qualified higher education expenses amounted to $9,000. Ben's adjusted gross income prior to the foreign earned income exclusion and the educational savings bond exclusion for 2022 is $88,500. How much should Ben include in his gross income for 2022?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ben decided to purchase Series EE government savings bonds in order to help defray his tuition costs. Ben's redemption proceeds from Series EE savings bonds during the taxable year 2022 are $10,000, including the principal amount of $8,500 and interest of $1,500. Ben's actual qualified higher education expenses amounted to $9,000. Ben's adjusted gross income prior to the foreign earned income exclusion and the educational savings bond exclusion for 2022 is $88,500. How much should Ben include in his gross income for 2022?
Transcribed Image Text:Ben decided to purchase Series EE government savings bonds in order to help defray his tuition costs. Ben's redemption proceeds from Series EE savings bonds during the taxable year 2022 are $10,000, including the principal amount of $8,500 and interest of $1,500. Ben's actual qualified higher education expenses amounted to $9,000. Ben's adjusted gross income prior to the foreign earned income exclusion and the educational savings bond exclusion for 2022 is $88,500. How much should Ben include in his gross income for 2022?
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