How does the child, under 24, answer, "Yes, I provided over half of my support with earned income", which triggers an extra $1,000 AOTC refundable tax credit in TT, if marked yes. My AGI is over to claim AOTC.
Child earned $20K in W-2 income
I have their support thus far at $35K (tuition/room/board/recreation), which they paid from their investment account (income was deposited to this account) and this also includes medical that I cover for the whole year.
They live at home and have car use for breaks, holidays, and summer, and that is a component of support in addition to the above. Child is physically living at home and using car at 105 days out of 365 days. If I use 12 months of FMV rent/home/car costs for their share, total support is over $40K, if I prorate to the 105 out of 365 days, then total support is under $40K. Thus, this choice impacts how to answer the support question above in TT.
I can't find any guidance, other than some other replies on this, they are assumed to be living at home, and temporarily at school. But it doesn't seem right if they are paying for room and board for 260 days, and I'm including like support, room and board, in effect, for those 260 days, it's double dipping and inflating true support.
What's the correct way do this?
