Depending on your total income, it may be beneficial to let your child claim themselves and file their own tax return. The American Opportunity Credit and the Lifetime Learning Credit are phased out after your income reaches a certain level ( see below). If your income exceeds the threshold and your child has earned income of their own, your child can claim the credit on their tax return to maximize the tax benefit.
American Opportunity Credit Income Limit
- 160,000 if you are filing jointly, 80,000 if you are filing single
Lifetime Learning Credit Income Limit
- 180,000 if you are filing jointly, 90,000 if you are filing single
https://turbotax.intuit.com/tax-tips/college-and-education/sending-kids-to-college/L0I7clLFg