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Calculate the amount of interest cecil

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Reference no: EM13974000

Cecil cashed in a Series EE savings bond with a redemption value of $22,000 and an original cost of $15,400.

For each of the following independent scenarios, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer: (Leave no answer blank. Enter zero if applicable.)

a. Cecil plans to spend all of the proceeds to pay his son's tuition at State University. Cecil's son is a full-time student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $70,000.

b. Assume the same facts in part (a), except Cecil plans to spend $6,600 of the proceeds to pay his son's tuition at State University, and Cecil estimates his modified adjusted gross income at $67,300.

Reference no: EM13974000

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