Life changes

[04dianas]

My son started college and I got a new job in May kid this year (making more money).  What changes can I expect with my taxes?

[RSUMan]

Make sure your son gets the Form 1098-T from his student portal in January 2024 and gets a copy of that form to you.  Assuming he is still your dependent, you will want to claim the American Opportunity Tax Credit on your 2023 tax return.

You have probably already experienced the drop in the child tax credit from $2,000 to $500 since I am assuming he is 17 years old or older.

You indicated your new job is making more money; now is a good time to check if your Federal income tax withheld so far this year is adequate.  You still have two months to increase withholding if needed.