My son, 22 years old, graduated with a undergraduate degree from an out of state college in May 2024. We paid only the tuition and fees using his 529 account (my husband is the owner of the 529).
He worked at school and has a W-2 from there and over the summer, he had an internship and has a W-2 from there too.
In the fall, not getting a job, he decided to go to an in-state grad school for a Master's full time not living at home and paid his own way from September - December 2024 for tuition and room and board. We, the parents have a MAGI that exceeds the dependent credit.
1. Can we stop claiming him as a dependent on our taxes, even though he is a qualifying child as a full time student for most of the year?
2. What we paid from the 529 for his last semester undergraduate tuition far exceeds his grad school tuition and living, but not what he earned in total W-2 income for the year. Will that be a problem for his taxes as he files on his own and does NOT check 'Can someone claim you as a dependent box' ? Shouldn't that question be 'Will someone claim you...'?
