College student, 29 years of age, has exhausted AOTC. Will be financially supported to attend school (living at home, tuition and related expenses paid by parent).
Q1: Parent can no longer claim child as dependent, correct?
A1: Yes or No
Q2: Is child reflected with independent student status, should file his/her own taxes, deduct all education expenses per the college's 1099-T?
A2: Yes or No
Q3: Are there any deduction for educational expenses that can be claimed on parent's return?
A3: Yes or No. If yes, explain.
Q4: What other tax filing considerations are there for either parent, child or both, in response to the above described scenario?
A4: Describe.
