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).
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