As a full time student under the age of 24 on Dec 31 of the tax year, if you have more than $6,350 of reportable income in 2017 then you have to do a tax return. But for the education stuff I seriously doubt you are the one to claim it. My bet is, your parents' are.
" but pay majority of my education, work full time and support myself other than housing"
Monetary support is not by any means, all that counts here. There are some things that a student needs to understand, and the way the IRS words things in IRS Publication 970 do make it quite clear, but one has to interpret that document "literally" as written. Understand that regardless, it will "always" be better tax-wise for the parents to claim the student, *if* the parents qualify to claim the student. (In situations such as yours, it's rare that the parent would not qualify to claim the student as their dependent.)
For starters, the dependency exemption has to be determined first and foremost, before it can be determined who can claim the education stuff. Basically, it reads as follows in the IRS Pub.
- If the STUDENT did NOT provide MORE than 50% of THE STUDENT'S own support, then the parents qualify to claim the student as a dependent on the parent's tax return. Scholarships, grants, 1099-Q funds, gifts from Aunt Mary, etc., do not in any way count as the student providing their own support. The student can only provide their own support with money the student has earned in the same tax year the student paid that support.
Support is not just education costs either. It's also food, transportation, housing, clothing, and a few other tidbits.
As it stands, your parents provide you housing. The value of that housing is the fair market rental value of the space in their house that is exlusive to you. Most likely, that's your bedroom and that's it. The FMV of that space is the rent they could receive for it, if they rented it to a non-relative. The "childs rate" doesn't apply here. Its' the FMRV (Fair Market Rental Value). Then add to that your share of the utilities your parent's pay for. (Electric, gas, water, cable, etc.)
How pays for the healthcare coverage you are required to have by law? Your parent's I bet. That's support they provide you.
Enough of the details now, as I could write a multi-volume encyclopedia on this stuff. Check out the stuff in the answer box below. I have to post it in an answer box, because I can't do things with the font in a comment box. *every* *single* *word* *matters*.
