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My dependent Student son has W2 for 30K. He is my dependent for claiming education credits. He also has fellowship money that exceeds qualified education expense. Do I need to report he fellowship or he needs to do on his return?
I have claimed my son as dependent in past years and also reported education credits on form 8863. He gets 1098T from college and I also get 1099Q from NY 529 account to pay for tuition each year. But this year(2023), he also got Research fellowship money (over 8K) that is non-qualified since his tuition is fully paid for using my NY 529 account savings. Now, I have read several postings here but I am still confused as to who should claim the extra fellowship money my son got?
Questions:
1- Do I still claim his education credits as normal?
2- Do I also list his fellowship on my taxes? But that would raise my income and I may pay extra taxes.
3- Can I just claim him as dependent and then move all of the education expense and extra fellowship money onto his tax return?
4- Is it allowed to for my son claims all the education credits as in question 4?
5- Where on TurboTax and how can my son claim/list his fellowship money on his return for any of the scenarios/ suggestions to my questions?
Thank you for assistance!