Currently my understanding is that under the listed circumstances I can be declared independent if my parents choose not to claim me, but I will still need to say that I can be claimed dependent by someone else. I will be providing 100% of my support in 2021 so it would be beneficial to me to receive the recovery rebate credit or more importantly be eligible for future stimulus payments. Turbo Tax also shows that if I am claimed independent that I will receive the American Opportunity Tax Credit but I don't know if this is correct because my tuition is paid by the 529 account not by me.
- I was claimed dependent in 2018 and 2019
- Full time college student under 24 in 2020
- My parents make too much to take advantage of any education tax credits and receive very little for claiming me dependent. They still claim my younger sibling dependent.
- I receive the majority of my support through a 529 account that my dad owns but I am the beneficiary. Little to no support came directly from my parents.
- I provided less than 50% of my own support through a part time job.
- The 529 distributions go to my bank account and then I pay the school/other expenses.
- I have not lived at home in several years (I have my own apartment lease my parents are not cosigners)
