Solved: How much distribution is tax free, Taxation

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How much distribution is tax free

Response to the following problem:

Mary Lou took a $7,000 distribution from her educational savings account and used $6,500 to pay for qualified higher education expenses. On the date of the distribution, her educational savings account had a $28,000 balance including the $21,000 she had contributed. How much of the $7,000 distribution is tax free?

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