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Deductions & credits
Thank you for the explanation, now it is clear to me. And if the parent doesn't claim the edu credit, then the difference between box1 and box 5 gets included in the student's taxable income along with w2 and 1099.
In general, is there a borderline of wages and earned income in order a college student to be considered independent or as long as he is under 24 and with scholarships he is considered dependent?
Thank you!
‎February 26, 2025
6:32 PM