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IRS.gov Website
Publication 970
taxmap/pubs/p970-047.htm#en_us_publink1000178628

Illustrated Example(p61)

rule
The information is the same as in the above example for Mark and Joan Washington, except they have a modified adjusted gross income of $118,900. In this example, they can exclude $1,377 (line 14 of Form 8815 shown on the next page) of interest in 2010.
They must pay tax on the remaining $1,623 interest ($3,000 total interest – $1,377 excluded interest).
taxmap/pubs/p970-047.htm#en_us_publink1000178629taxmap/pubs/p970-047.htm#en_us_publink1000178630