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New Member
posted Feb 18, 2025 5:25:49 PM

I'm a college student. Do I need to pay for Turbo Tax Premium?

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2 Replies
Level 15
Feb 18, 2025 5:28:57 PM

Yes, if you are trying to claim the tuition credit. This is because of the additional form (8863) needed to do that.

 

There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit (and they will enter your 1098-T).

You cannot claim the (up to) $1000 refundable credit if you are, or can be, claimed as a dependent by someone else.

 

Reference: Line 7 instructions for form 8863.

https://www.irs.gov/instructions/i8863#en_US_2024_publink53002gd0e674

Level 15
Feb 18, 2025 6:17:00 PM

Do you have self-employment income and need to prepare a Schedule C for business expenses?