"I basically live on my own" sounds like you don't live on your own for tax purposes.
Taxes are complicated, so where you really live is important. There are two types of dependents,
"Qualifying Children"(QC) and standard ("Qualifying
Relative" in IRS parlance even though they don't have to actually be
related). There is no income limit for a QC but there is an age limit, a
relationship test and residence test. Only a QC qualifies a taxpayer for the
Earned Income Credit and the Child Tax Credit. They are interrelated but the
rules are different for each.
A child of a taxpayer can still be a “Qualifying Child” (QC) dependent, regardless of his/her income, if:
1. He is under age 19, or under 24
if a full time student for at least 5 months of the year, or is totally &
permanently disabled
2. He did not provide more than 1/2 his own support. Scholarships are
considered third party support and not as support provided by the student.
3. He lived with the parent
(including temporary absences such as away at school) for more than half
the year
So, it doesn't matter how much he earned. What matters is how much he spent
on support. Money he put into savings does not count as support he spent on him
self.
The support value of the home the parents provided is the fair market rental value
of the home plus utilities & other expenses divided by the number of
occupants.
"Can I ask for credit tax deductions"? That's complicated too. Basically, you can't, those go to your parents. Even if you were allowed to file independent (claim yourself); there are severe restrictions on someone under age 24 getting the best education credit.
