Info about ME:
- I am a 20 year old full-time college student.
- I receive a full tuition scholarship, a Pell Grant, and another institutional scholarship. A rough estimate of my yearly refund is a little over $8000 (this is my refund AFTER tuition is accounted for).
- I also have two part-time jobs. The money earned from my jobs is more or less equivalent to the amount of my refund. My earned income ranges from around 6000-9000 per year, depending on my hours at work, etc.
- Considering my day-to-day expenses, my part-time jobs cover around 75% of them. However, my financial aid provides a considerable safety net -- I always have over a thousand in my savings account as a result of my financial aid reimbursement.
Info about my PARENTS:
- My parents are divorced and have been since I was 5.
- My mother was my custodial parent. She has always claimed me on her taxes, and I lived with her solely from ages 5-18.
- My mother files her information for my FAFSA.
- HOWEVER, my mother does NOT provide ANY of my financial support, and has not since I graduated and moved out 2 years ago.
- My father pays for nearly half of my living expenses. This includes my phone bill, car payment, and car insurance specifically, and occasionally a cash gift.
- I pay for my rent, utilities, gas, clothing, food, recreational expenses, out-of-pocket healthcare expenses, etc. So basically, everything except for what my dad pays. This is usually more than what my dad provides, though it does depend on the month and how much I spend.
- My dad has NEVER claimed me as a dependent on his taxes. Their divorce agreement specified that my mom would be the one to claim me on her taxes.
QUESTIONS:
- If I provide more than half of my own support, can I claim myself on my taxes in 2020, OR do I still count as a "qualifying child" based on the criteria above?
- If a large amount of my support comes from my financial aid (based on the ratio of financial aid to earned income, I estimate financial aid pays for around half of my day-to-day expenses), can I claim myself?
- If I CAN claim myself, do I need to include my financial aid refund as taxable income? If so, what is the consequence for not doing so? Is there a chance I would receive a tax refund on this after paying the tax amount?
- If I do NOT count as a qualifying child and I DO claim myself, what happens if my mom still claims me, and I also claim myself?
NOTE:
I am NOT asking this for FAFSA related purposes. My mom has completed my last FAFSA form before I graduate.
EDIT:
I understand that I will not get a larger tax refund if I claim myself. I'm asking because if I claim myself, then I may qualify for a health insurance subsidy, which I need desperately because I do not have health insurance and cannot afford private plans. Please do not assume which is best for me without knowing my current situation, thanks.
