This year, i get the full 2000 tax credit, but next year, the tax credit for my son will only be $500. I setup a brokerage account when he was about 5 years old, so he would have monies for college or first home. I have been filing him separately for years as he has interest/dividends and capital gains. He has however been filed as a dependent.
Next year, i think it will be more of a savings if he files as single and i no longer claim him as a dependent so he can get his own tax deductions and maybe no longer be tied to our tax rate. Currently, i file as Married Joint return with 1 dependent.
Is that allowed, or must he continue to file as a dependent? His 2023 taxable income was 11,624.00
