EDIT: 2/26/2016: Note that the support requirement is NOT on the parents. It's on the student. There is absolutely no requirement what-so-ever for the parents to provide any support - not one dime. The requirement is on the student, and is as follows:
If the STUDENT did NOT provide more than 50% of the STUDENT'S OWN support, (scholarships and grants do not count as the student providing their own support) then the parents qualify to claim them. The student must select the option for "I can be claimed on someone else's return" even if the parents do not claim them. The parents only have to "QUALIFY" to claim them.
END OF EDIT
Since you are a student, below are the rules gisted from IRS Publication 970. Note that if they claim you and if you can PROVE your parents are not entitield to claim you, they will be audited by the IRS after they file. If your file your taxes taking the self-exemption and they can PROVE they qualified to claim you, then you will be audited by the IRS after you file.
Generally speaking, it's more advantageous tax-wise for the parents to claim the student. The parents will qualify for educational credits that the student can not get, no matter what. Also, it does not matter how much money you made. If your parents meet the requirements to claim you, they should. If you parents meet the requirements to claim you and they choose not to, then YOU still HAVE to select the option for "I can be claimed on someone else's return" when YOU file your tax return.
If both of you file and you take the self-exemption and yet, they still claim you, the second one to efile will not be successful. They will have to print, sign and mail in the return. Even then, if you take the self-exemption and they claim you, then you can both expect to be audited by the IRS.
If the student:
Is under the age of 24 and:
Is enrolled in an undergraduate program at an accredited
institution and
the student's parents provide more that 50% of the
student's support (schollarships/grants received by the student do not count as
the student providing their own support)
Then:
The parents will claim the student as a dependent on the
parent's tax return and:
The parents will claim all schollarships, grants, tuition
payments, and the student's 1098-T on the parent's tax return and:
The parents will claim all educational tax credits that
qualify.
If the student will be filing a tax return and:
The parents qualify to claim the student as a dependent,
then:
The student must select the option for "I can be
claimed on someone else's return", on the student's tax return. The
student must select this option even f the parent's qualify to claim the
student as a dependent, and the parents do not claim them.
