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In December of this year, Jake and Stockard, a married couple, reedemed qualified Series EE...

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Accounting

In December of this year, Jake and Stockard, a married couple, reedemed qualified Series EE U.S Savings Bonds. The proceeds were used to help pay for their dauughter's college tuition. Jake and Stockard received proceeds of $8,000 representing principal of $5,000 and interest of $3,000. The qualified higher educational expenses they paid this year totaled $6,000. Their AGI is below the threshold for phase-out of the exclusion. What is the amount of the interest Jake and Stockard can exckude from their ibcome thid year?

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