My son is 24 yrs and live with me, can I claim him as a dependent and deduct his 1098-T

[SweetieJean]

Was he 24 on 12/31/2020?  What was his 2020 income?  Any Scholarships or grants?

[elacayoleal]

Yes, he is 24 on 12/312020. He's income was $28,025. No scholarship or grant's. He lives with the whole year and I pay for all his expenses. 

[DoninGA]

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@elacayoleal wrote:

Yes, he is 24 on 12/312020. He's income was $28,025. No scholarship or grant's. He lives with the whole year and I pay for all his expenses. 

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Since his gross income in 2020 was $4,300 or more then you cannot claim him as your dependent.

[elacayoleal]

What about his 1098-T or living expenses? He lived with me whole year.

[DoninGA]

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@elacayoleal wrote:

What about his 1098-T or living expenses? He lived with me whole year.

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Living expenses are never deductible.  You cannot enter any education expenses for him on your tax return since he cannot be claimed as a dependent.  The Form 1098-T would be entered on his tax return.

[elacayoleal · Accepted solution]

We (my spouse and I) only got a fraction of the $1,200 and $600. Why?

[SweetieJean]

Are you asking about the stimulus payments?  They phase out over a certain income level.

[elacayoleal]

Since I work in sales and drive all day visiting clients and prospecting. Can I deduct the depreciation of my vehicle which is lease?

[elacayoleal]

During preparing my taxes, I noticed I get more refund filing my taxes as head of household and my spouse as married filing separate. We have been filing married filing together. Can I file separate this year as a Head of Household since I am getting more "refund"?

[DoninGA]

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@elacayoleal wrote:

During preparing my taxes, I noticed I get more refund filing my taxes as head of household and my spouse as married filing separate. We have been filing married filing together. Can I file separate this year as a Head of Household since I am getting more "refund"?

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If you are legally married and lived with each other at any time during the last six months of the year then you can only file as Married Filing Jointly of Married Filing Separately.  In most all cases, when married, filing as MFJ is the best way to file for tax purposes.