College is expensive and I would venture that all in, that is more than half of their support.
Most of the time, though, students don’t earn enough money to owe taxes. As a result, in many cases, it makes more sense for parents to claim their children as dependents and reap the benefits of the tax break. It’s only reasonable that you should receive some sort of financial benefit in return – and a lower tax bill is one way to recoup a few of those costs.
If you claim a dependent, only you can claim the education credit. Therefore, you would enter Form 1098-T and the dependent's other education information in your return. If you do not claim a dependent, the student can claim the education credit.
You and your son will have to determine if he's filing alone or as a dependent. If he claims him self, and you do as well, who ever filed last, that tax return will reject. So, best to have the conversation ahead of time.
Here's a great TurboTax article that discusses some of the finer points.
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