Hello,
My son is Junior in college, he made around $17K through work at college and summer internship. He received scholarship of 11K. His expected expense for tuition, boarding, books, etc is expected to be around $27K. I will be claiming him as a dependent when filing tax next year. Could you please help with the below questions.
1) Would I still be able to claim American Opportunity credit as I have paid for this qualified expenses (housing, etc.,)
2) Would any withdrawal from 529 be considered as additional earned income in this scenario.
3) I believe my son would have to file tax and pay income tax for the earned income of $17k, is this correct.
Thanks in advance.
