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Level 1

Question

College Student - Dependent or not

Forum|Forum|3 years ago
November 16, 2022
1 reply
0 views

How can I determine if I should continue to claim my college student as a dependent? Should she file her own taxes to benefit from any tax credits?

Level 4

Depending on your total income, it may be beneficial to let your child claim themselves and file their own tax return. The American Opportunity Credit and the Lifetime Learning Credit are phased out after your income reaches a certain level ( see below). If your income exceeds the threshold and your child has earned income of their own, your child can claim the credit on their tax return to maximize the tax benefit.

American Opportunity Credit Income Limit

160,000 if you are filing jointly, 80,000 if you are filing single

Lifetime Learning Credit Income Limit

180,000 if you are filing jointly, 90,000 if you are filing single

https://turbotax.intuit.com/tax-tips/college-and-education/sending-kids-to-college/L0I7clLFg