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Turbotax has a question asking 'Did you provide over half of your own support with earned income during 2024'. I understand that earned income is defined as wages, salaries, tips, etc... However, it's not clear if the money spent toward support in 2024 has to have been specifically earned in 2024?
My daughter worked through all through high school and a little after, saving her money for college and is now using that savings for part of what she pays for college. So, it's a mix of earned income accumulated between 2018 and 2024.
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No, it doesn't have to be earned in 2024. If she used money she earned in previous years, that is her contributing to her own support.
From a TurboTax Community Discussion - ''For the support question, the child's need or cost includes room and board, tuition, clothing, travel, entertainment and medical expenses. Support the child provides themself includes earnings from a job or investments and student loans taken out in their own name. For support provided by the parents, you include any direct costs you pay, student loans you take out in your name (parent loans), the value of medical insurance if they are on your plan, and the value of room and board at your home where the child lives.''
Add up your child's total costs, what you provide, and what the child provides, to see if the child provides "more than half" their own support.
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