1. Yes, room and board is taxable income to the student.
2. See IRS Worksheet for Determining Support. The IRS has a quick quiz, Dependent to ensure you qualify to claim your student.
3. A qualifying child under 24 in school can qualify you for EIC.
4. The box 4 data is an adjustment to last year's tuition paid. You should look at last year's return and see if you claimed any education credit and if reducing the tuition by box 4 will affect your return. If not, do nothing. If it would affect your return, amend it. See How do I amend my federal tax return for a prior year?
5. Your child will need to file a tax return for income. If you are not able to claim your child, they can claim the education credit against their taxable income. See another post of mine with a similar situation here.
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