(Solved): Starting in 2011, Chuck and Luane have been purchasing Series EE bonds in their name to use for th ...

Starting in 2011, Chuck and Luane have been purchasing Series EE bonds in their name to use for the higher education of their daughter Susie, who currently is age 18. During the year, they cash in \( \$ 12,000 \) of the bonds to use for freshman year tuition, fees, and room and board. Of this amount, \( \$ 5,000 \) represents interest. Of the \( \$ 12,000, \$ 8,000 \) is used for tuition and fees and \( \$ 4,000 \) is used for room and board. Chuck and Luane's AGI, before the educational savings bond exclusion, is \( \$ 132,200 \). Review \( \S 135 \), and answer the following questions. If an amount is zero, enter "0". a. Chuck and Luane, who will file a joint return, and Susie want to understand the tax consequences. For each statement below, help them by indicating whether the statement is "True" or "False". If Chuck and Luane file a joint, how much is the savings bond exclusion? Round any division to five decimal places. Round your final answer to the nearest dollar.