OK, got it. Thanks.
Question on claiming our son as a dependent or not. You stated:
If the student actually has a tax liability, there is a provision to allow him to claim a non-refundable tuition credit. But then the parent must forgo claiming the student as a dependent, and the $500 other dependent credit. The student must still indicate that he can be claimed as a dependent, on his return.
First, will our son have a tax liability if he is claiming the $5K scholarship that was on his 1098-T? FYI, his income was less than $4K, and he was going to file to get some of his federal income tax returned to him.
Secondly, what is the "$500 other dependent credit" that you mention? I believe our AGI prevents us from receiving ANY credits or benefits for a dependent child. What are the reasons for claiming him as a dependent?
Thank you!
