Simple answer: yes. The fact that he couldn't be claimed, in a previous year does not prevent you from claiming him in the current year.
But, a better question is; should you have claimed him last year. Making too much money is actually not a reason. But, if the two co-op sessions meant that he was not a full time student student for parts of five calendar months, that would be a reason.
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 residence test. Only a QC qualifies a taxpayer
for the Earned Income Credit.
A child of a taxpayer can still be a “Qualifying Child” (QC) dependent, regardless of his/her income, if:
1. He is under age 19, or under 24
if a full time student for at least 5 months of the year, or is totally &
permanently disabled
2. He did not provide more than 1/2 his own support. Scholarships are
considered third party support and not as support provided by the student.
3. He lived with the parent
(including temporary absences such as away at school or co-op sessions) for more than half
the year
If academic credit was granted, for the co-op sessions, then that is considered as time as a student.
