American opportunity Credit

[jkora]

I am a full time student and I made about 4300 dollars in 2020 working part time jobs while in school.  My parents filing joint return claiming me as a dependent won't qualify for AOC as  their AGI is above the limit.  Will I be able to file my own return not being claimed as a dependent and be eligible for this credit.  Also will that make me eligible for the coming stimulus payment?  Thanks  a lot for the time and advise.

[MinhT1]

As a dependent of your parents, you cannot claim your education credits.

Only your parents can claim them. And if they are disqualified by income, then that's the law.

As the projected bill for the third stimulus now stands, dependents older than 16 will be eligible for the third stimulus, but the stimulus will be paid to the parents.

[jkora]

Thanks for taking the time to answer.  What if my parents do not claim me as a dependent.  My earned income of 4500 dollars will qualify me to file a return my own? Thanks again.

[ColeenD3]

Not if it is W-2 income. Having to file a return is based on income, not whether or not your parents claim you. The exception to that is unearned income.

The minimum income requiring a dependent to file a federal tax return. 2020 filing requirements for dependents under 65: 

• Earned income of at least $12,400
• Unearned income (like from investments or trusts) of at least $1,100
• Self-employment income over $400.