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Deductions & credits
@MikSek the question is "Did the student complete the first 4 years of postsecondary education BEFORE 2020?" The answer is NO. He was still in school in 2020.
I gave you the standard deduction for 2021. For both 2019 and 2020, the standard deduction for dependents is the larger of $1,100 or the sum of the dependent's earned income plus $350 (no greater than the std deduction of course. So if he claims the $5k in income, he may have no tax liability still..
It is sadly too late though to claim and IRA for 2020... I was not thinking. It is something for others who may read the thread.
You would have to post a redacted 8863 to see what is going on. Possibly the IRS letter with it. Redact all personal information.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
March 15, 2023
9:52 PM