Does this mean that I can get up to $12,000.00 income tax free even if my parents claim me as dependent? I am in college and made $22K during last summer. I understand that my parents can reap $2,500.00 of American Opportunity tax credit($2,000) and student credit($500) if I'm their dependent. I am wondering if I should file as individual, but upon reading your comment, I think we'll be much better off to be a dependent.
Thanks,
