Rafael who is single paid educational expenses of 10000 in, Accounting Basics

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Rafael who is single paid educational expenses of 10000 in

Problem

Rafael, who is single paid educational expenses of $10,000 in the current year for his daughter Stephanie. He redeemed Series EE bonds and receive principal of $10,000 and interest of $5,000 (total $15,000). Rafael has adjusted gross income of $81,000.

How much interest must Rafael include in income? NOTE: Only do the calculation.

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Accounting Basics: Rafael who is single paid educational expenses of 10000 in

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Accounting Basics: Rafael who is single paid educational expenses of 10000 in

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