You'll need to sign in or create an account to connect with an expert.
Not only is that legal it is highly encouraged ... it is a win win for the parents and the student. And you only need to make $4000 taxable for the max AOC credit.
Thanks for quick response...
I understand that for full AO tax credit one needs to declare only 4000$ as taxable income but I found that if we claim entire $4393 as taxable income total AO is $884 and earned income credit is $336 but if we choose only $4000..total AO credit is $844 and eic is $367
So total refund is not a big difference ..in case of $4393 it is $191 and in case of $4000 it is $182
So what is your suggestion ?
should he choose entire $4393 or just $4000?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
goodie
New Member
Taxes_Are_Fun
New Member
KarenHL
Level 1
larockmanhere
Returning Member
lsj12345-
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.