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LouAnn and Ryan, who file jointly and have modified adjusted gross income (MAGI) of $117,611,...

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Accounting

LouAnn and Ryan, who file jointly and have modified adjusted gross income (MAGI) of $117,611, redeemed a qualified Series EE U.S. Savings Bond in August 2022 for $8,420($5,500 principal, $2,920 interest).
That fall the couple paid college tuition for Jada, their dependent daughter, in the amount of $8,100. Jada had no scholarships or other tax-free assistance.
They would like to claim the American Opportunity Tax Credit for Jada; how much of the savings bond interest can they exclude from taxable income?

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