College student claimed as dependent

Forum|Forum|2 years ago
February 21, 2024
1 reply
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I have a 21 year old full time college student. He received a few W-2s from jobs he has had and a 1098T from college. The 1098T has $13,039 in box 1 and $18,836 in box 5. He made over $15,000 with his W2's. I am claiming him as a dependent. When he files his taxes, he checks I can be claimed as a dependent as someone else's taxes. He also claims the 1098T, correct as taxable income, correct?

Thank you!

Best answer by KrisD15

Yes, in your situation, since there are no expenses for an education credit, the 1098-T is entered into the student's TurboTax program, as well as his other tax documents, such as his W-2.

Yes, be sure he selects "Someone else can claim me" and "Someone else WILL claim me"

KrisD15Answer

Level 15

Yes, in your situation, since there are no expenses for an education credit, the 1098-T is entered into the student's TurboTax program, as well as his other tax documents, such as his W-2.

Yes, be sure he selects "Someone else can claim me" and "Someone else WILL claim me"

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VSN7

Level 2

Can you please elaborate what you mean by enter "1098-T is entered into the student's TurboTax program"? In my case, Turbo tax told me enter that in our return instead of my son's return.

DawnC

Level 15

I did enter that in our return and Turbotax said not used/applicable in my situation. I don't know why.

Your income may be too high. Was Box 1 more than Box 5 on the 1098-T? Qualifications for claiming the American Opportunity Tax Credit are:

You paid an eligible student's qualified education expenses for higher education at any college, university, or vocational school with a student aid program administered by the US Department of Education.
The eligible student is you, your spouse, or a dependent on your return.
For the full credit, your MAGI (modified adjusted gross income) is less than $80,000 ($160,000 if you're filing jointly).
- For a reduced credit, your MAGI is between $80,000 and $90,000 ($160,000 and $180,000 if you're filing jointly).
- There is no credit given if your MAGI is above $90,000 ($180,000 if you’re filing jointly).

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