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Current Year Tax Map
Publication 970
taxmap/pubs/p970-042.htm#en_us_publink1000178628

Illustrated Example(p59)

rule
The information is the same as in the Example, earlier, for Mark and Joan Washington, except they have a modified adjusted gross income of $118,900. In this example, they can exclude $1,729.67 of interest in 2012. See line 14 of Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989, later.
They must pay tax on the remaining $1,270.33 interest ($3,000 total interest – $1,729.67 excluded interest).
taxmap/pubs/p970-042.htm#en_us_publink1000178629

taxmap/pubs/p970-042.htm#en_us_publink1000178630