I have 2 children with different situations:
- Child #1 - age 21 and did not go to school full-time in 2024 (only needed to take 1 class) so he is no longer a dependent and will be filing his own taxes, also had a job where he earned over $21,000 in wages plus1099-DIV and 1099-INT earnings. The 1099-Q recipient is my husband to reimburse 100% of eligible 529 expenses we paid for. The 1098-T student is child #1. Who should file these forms on their taxes - Parent or Child #1?
- Child #1 - age 19 and was a full-time student in 2024, he is a dependent on our taxes but will also file his own tax return because he earned over $8,000 in wages plus 1099-DIV, 1099-INT, and 1099-B. Child #2 also has $1,500 in Box 5 for Scholarships. Again the 1099-Q receipt is my husband to reimburse 100% of eligible 529 expenses we paid for. The 1098-T student is child #2. Do we file these forms on our taxes as Parents - or would it be more advantageous to file on Child #2's taxes?
Thank you.
