He had to say no one else could claim him, in order to claim college expense. So it's a catch 22. I can no longer claim him as a dependent?
Yes, that's correct, you cannot claim him as a dependent if he claims the tuition.
One rule is: if a person CAN be claimed by another, he may NOT claim himself, even if the other person does not actually claim him.
Technically there is a special rule that allows your son to claim a tuition credit. But, as a practical matter it seldom works out. A student, under age 24, is only eligible for the refundable portion of the American Opportunity Credit if he/she supports himself by working . He cannot be supporting himself on student loans & grants and 529 plans and parental support.
If the student actually has a tax liability he can claim a non-refundable credit but then the parent must forgo claiming the student's exemption and the student still can’t claim his own exemption.
Yes, that's correct, you cannot claim him as a dependent if he claims the tuition.
One rule is: if a person CAN be claimed by another, he may NOT claim himself, even if the other person does not actually claim him.
Technically there is a special rule that allows your son to claim a tuition credit. But, as a practical matter it seldom works out. A student, under age 24, is only eligible for the refundable portion of the American Opportunity Credit if he/she supports himself by working . He cannot be supporting himself on student loans & grants and 529 plans and parental support.
If the student actually has a tax liability he can claim a non-refundable credit but then the parent must forgo claiming the student's exemption and the student still can’t claim his own exemption.