No.
There
are two types of dependents, "Qualifying Children"(QC) and standard ("Qualifying
Relative" in IRS parlance even though they don't have to actually be
related). There is no income limit for a QC but there is an age limit, a relationship test and a residence test.
Being a full time student extends the age limit for being a QC, but only to age 23. At 29, you child cannot be a QC (unless he is disabled). The $4050 income test applies, in your case.
