Hello @Carl , thank you for your indepth explanation. I do have some follow-up questions. You specifically state if the student is "enrolled in an undergraduate program"; do the same rules apply if it is a graduate program?
I have reread your column at least five times and will read it again. But if you would clarify the following:
1) I have established I AM eligible to claim my student as a dependent based on all the rules.
2) He will receive more than $6100 in taxable awards.
I am unclear if it is an option who claims the excess amount.
Is this correct?
1) I CAN if I want the tax breaks
2) He CAN but would need to pay the tax on the amount and he gets the tax breaks?
OR since I am claiming him, I HAVE to include the taxable amount on my return?
Please feel free to redirect me to the IRS if I am making this far too complicated.
Thank you!
