Good day, I have a couple of children that are now working and in school. We file as married filing jointly, but have not filed the children’s taxes. Do they file on their own? Also they are to attend school, but don’t qualify for much from FSFA. If I pay out of pocket, is there deductions we can get for this expense? Also self employed.
thank you!
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Yes, if you claim the students as dependents, you can claim an education credit- up to $2,500 refund - if you qualify. IRS Q & A about education credits: To claim the full credit, your MAGI, modified adjusted gross income (See Q&A 13 for MAGI definition) must be $80,000 or less ($160,000 or less for married taxpayers filing jointly). If your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married taxpayers filing jointly), the amount of your credit is reduced. If your MAGI is over $90,000 ($180,000 for married taxpayers filing joint), you can't claim the credit.
Since you have a 23 year old, you can amend the 3 prior years to claim the credit - if you qualify in any of those years.
See What education tax credits are available?
In the future, you can verify if the kids qualify as dependents with a quick quiz, Dependent.
By "adult" children----what do you mean? How old are they?
We cannot tell from your information whether they can be claimed as qualifying children dependents or qualifying relative dependents by you.
We need more details, but no personal information.
One child is 19 and other 23
Given the ages of your children, if they are under age 24, full-time students, live with you, and don't pay more than half of their own support, you can claim them as dependents.
If they had income, they can file their own returns, but they must state in their return that someone else is claiming them as dependents.
See the TurboTax help articles below for more information:
Thank you for your response.
Also on the part of paying full for their school, example $13k. Any way to get some deduction for their school expenses if we pay?
Yes, if you claim the students as dependents, you can claim an education credit- up to $2,500 refund - if you qualify. IRS Q & A about education credits: To claim the full credit, your MAGI, modified adjusted gross income (See Q&A 13 for MAGI definition) must be $80,000 or less ($160,000 or less for married taxpayers filing jointly). If your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married taxpayers filing jointly), the amount of your credit is reduced. If your MAGI is over $90,000 ($180,000 for married taxpayers filing joint), you can't claim the credit.
Since you have a 23 year old, you can amend the 3 prior years to claim the credit - if you qualify in any of those years.
See What education tax credits are available?
In the future, you can verify if the kids qualify as dependents with a quick quiz, Dependent.
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