In December of this year, Sam and Esterina, a married couple, redeemed qualified Series EE...
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In December of this year, Sam and Esterina, a married couple, redeemed qualified Series EE U.S. Savings Bonds. The proceeds were used to help pay for their daughter's college tuition. Sam and Esterina received proceeds of $10,000 representing principal of $7,000 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 interest income Jake and Stockard can exclude from their income this year?
A) $1,250
B) $1,800
C) $2,400
D) $5,000
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