Sarah cashed in a Series EE savings bond with a redemption value of $18,000 and an original cost of $12,000. Calculate the amount of interest Sarah will include in her gross income if she: • • Plans to use $5,400 for tuition at City College Has a modified adjusted gross income of $58,000 Files as a single taxpayer
Sarah cashed in a Series EE savings bond with a redemption value of $18,000 and an original cost of $12,000. Calculate the amount of interest Sarah will include in her gross income if she: • • Plans to use $5,400 for tuition at City College Has a modified adjusted gross income of $58,000 Files as a single taxpayer
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 30MCQ
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Transcribed Image Text:Sarah cashed in a Series EE savings bond with a redemption value of $18,000 and
an original cost of $12,000. Calculate the amount of interest Sarah will include in
her gross income if she:
•
•
Plans to use $5,400 for tuition at City College
Has a modified adjusted gross income of $58,000
Files as a single taxpayer
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