Dear TT Community,
Here's' the scenario:
I am the non-custodial parent, and I will need the FORM 8332 for current filing (Tax Year 2023 to be filed by April 2024). Up until now I have been able to claim my child as my dependent as their income was less than $4200 (I believe for the 2023 tax year it is now bumped to $4700). For the current (Tax Year 2023), my income is primarily from Unemployment, Dividends and Stock sales, and totals less than $12,000, and my child's scholarship/grants and internship totals around $13,000 ($10,000 from grants and scholarships and $3,000 approx., from work on w-2).
Given the above scenario, am I am to claim my 19 year old child as my dependent on taxes? I am leaning towards "NO." As, their income (from employment and scholarships/grants) is over $4,700, as such no longer qualifies as dependent (unless there are some EXCEPTIONS I am overlooking) and my 19 year old child will have to file their own taxes as a single as an independent.
Fielding the above scenario to get a second or third opinion.
Thank you in advance for your assistance.
