Cecil cashed in a Series EE savings bond with a redemption value of $ and an original cost of $
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:
Note: Leave no answer blank. Enter zero if applicable.
Required:
a Cecil plans to spend all of the proceeds to pay his son's tuition at State University. Cecil's son is a fulltime student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $
b Assume the same facts in part a except Cecil plans to spend $ of the proceeds to pay his son's tuition at State University, and Cecil estimates his modified adjusted gross income at $
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Required B
Cecil plans to spend all of the proceeds to pay his son's tuition at State University. Cecil's son is a fulltime student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $
Amount of interest to be incluHded in gross income A IS CORRECT NEED HELP WITH PART B
