I have a more complicated situation. How does all of this work when multiple people support a student, but no one contributes more than half?
My son is 22 and in his fifth year of school (Engineering major). His income consists of an internship (~$12,000) and investment income (~$17,000). He also as an aunt who established a 529 that has been paying his tuition (~$14,000) and I have been paying his Room and Board (~11,500), some from my 529 but most out of pocket. To further complicate things, the IRS worksheet is rather vague on what constitutes support. Apparently, if he puts money away in savings, that’s not considered support? In any event:
1) Can I, and if so should I, claim him as a dependent?
2) If I can’t, then can he take education deductions that I can’t? I’ve taken 4 years of Opportunity Credit and make too much for the Lifetime Learning credit. Also, he will be able to take the standard education that he can’t if I claim him and become eligible for the Covid relief payments.
If I can, but do not, can he then claim all of this things? Or is he precluded from claiming these things because I potentially can? Or if no one can, because no contributed more than half his support, do I check no on his return even though he did not contribute more than half his own support?
