Are you the "primary" borrower on the student loans?
There is a support requirement here. Before you can even think about claiming anything, you first have to determine (and be able to prove) if you provided more than half of your own support for the entire year. The requirement is as follows:
If the STUDENT did NOT provide MORE than 50% of the STUDENT'S support, then the parents qualify to claim that student as a dependent on the parents tax return. The parents will also claim any and all education credits they qualify for.
Understand two things.
- Scholarships, grants, 529/1009-Q funds, gifts from Aunt Mary, etc., do NOT COUNT as the student providing their own support.
- There is NO requirement for the parents to provide ANY support. Not one single penny.
Overall, it's better for the parents to claim the student on their tax return, along with all the education credits. If the student claims the education credits, the student doesn't get anywhere near the tax breaks the parents do.
Basically I'd say that if you only earned $6000 for the tax year, there's absolutely no way you provided more than 50% of your own support. However, if you are the primary borrower on the loans *AND* you haven't started to pay back the loans yet, then you very well may be able to take the self-exemption. But since that borrowed money is NOT your money, you will not get anywhere near the credits and tax breaks your parent's can get.
The AOC credit is based on qualified education expenses paid out of YOUR pocket, and it's an absolute waste for you to take ANY education credits, because you won't get them.
Your standard deduction on your 2017 tax return is $6350. So just with that you will be getting all taxes withheld from your paychecks refunded to you "WITHOUT" claiming one penny of education expenses.
So let your parents claim you as a dependent and let your parents take all the education credits for 2017.
