I’m 24 years old and full time student.. I have received my 1098T form from my school.. my question is can my parents do this form in their tax return?

[DoninGA · Accepted solution]

Are you being claimed as a dependent on their tax return?  If so, then the Form 1098-T would be entered on their tax return.  If you are not a dependent then only you can enter the form on your tax return.

[Youstinageorgi]

My income this year is 5062$ but my federal tax is 10$ so I’m not gonna file a tax Return.. can my parents claims me as a dependent ?

[AnnetteB6]

Possibly, the rules for claiming a dependent states that the person must be under 24 and a full-time student who did not provide over half of their own support (among other qualifications).  

Take a look here for more information:  Who can I claim as my dependent?

[Youstinageorgi]

It seems like the answer not related to my question.. should I file tax return because I’m 24 years old? I really don’t understand your answer.. can my parents claim me as a dependent?  

[AnnetteB6]

My apologies, I should have been more specific.  

Based on the information that you shared, if you were born in 1995 or earlier, you are too old to meet the exception for full-time students to be claimed as a dependent, and your income was too high.

If you were born in 1996 or later and you were a full-time student not providing over half of your own support, then you can be claimed as a dependent by your parents, regardless of your income.

[Youstinageorgi]

I got it.. thank u so much for your answer.. I just have one more question.. should I file tax return if my gross income is 5062$ ? Or it’s up to me since I’m single and I’m living with my parents?

[NCperson]

with one exception... if Box 5 exceeds Box 1, that difference goes on  the student's tax return and not the parents.......

[AnnetteB6]

If the money you made is earned income (from working and receiving a W-2), then you are not required to file a return.  If it is unearned income (from interest, dividends, investments), then you would be required to file a return if you are also being claimed as a dependent.  

You may want to file a return if you had Federal or state taxes withheld.  

To learn more, take a look at the following TurboTax article:  Do I need to file a Federal return this year?