Mia and Mack, a married couple, had been saving for their children's college education. They purchased Series EE US Savings Bonds and Series I US Savings Bonds in Mack's name after Mia and Mack were both over the age of when the bonds were issued.
As their eldest child, Rachel, begins college, they redeemed some of these bonds to cover tuition and other qualified higher education expenses for Rachel. Given this scenario, which of the following individuals is eligible to exclude all or part of the interest earned on Series EE Savings Bonds issued after or Series I Savings Bonds if during the year of redemption, they incurred qualified higher education expenses?
Mia, on a separately filed return.
Mack, on a separately filed return.
Rachel, on her return filing single and claimed as a dependent on her parents' return.
Mack and Mia, filing a joint return, claiming Rachel as a dependent.
