As long as he lived with you more than 1/2 the year (no penalty for being away at school temporarily), did not pay more than 1/2 his own support, and no one else is claiming him, Yes, you can.
Note that he must file his own return for his income and must check the box that asks whether someone else can claim him as a dependent. With that amount of income, it is likely that he will not get all his withheld tax back. He may even owe Federal income tax.
