Homework Answers
For Federal income tax, interest on state and municipal bonds is excluded from gross income. Some States provide an exemption from state income tax for certain bond interest. For some social benefits, the exemption is phased out for individuals with gross income above certain amounts.
In the given case Caroline has income from municipal Bond interest :-
By taking above provision as reference we can exclude the municipal Bond interest from Caroline gross income.
Hence, we need to exclude $1500 from gross income of Caroline.
So, the answer is option A.
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