We file our tax return as “Married filing Joint” with Two Dependent Kids (Son in College and Daughter in High School going to college this Fall 2022).
For 2022, We will have both Son and Daughter in college. My son is working part time this year and expected to make around 18000 or max 25000 if he decides to continue this fall. My Daughter also works part-time and expected to make around 4000 max this year. Both of them will not have any capital gains.
How do I plan to file 2022 tax return next year to minimize tax liability?
- Married Filing Joint with Two Dependents (get $5000 Education Credit) and File Separate return for Son for his income (saying he is claimed as dependent on parents return)
OR
- Married Filing Joint with Daughter only as Dependents ($2500 Education Credit) and Son Files separately on his own.
Are there any other options? Which one would be better for us planning for 2022.
