Claiming College Students as Dependents - Requirements, Taxes, Pros and Cons
Should you claim your college student as a dependent?
There are some rules for claiming dependents on your taxes that you want to make sure follow, such as:
Are they age 24 or under?
Do they live with you for part of the year?
You pay half of their expenses?
If you can claim them as dependents, you may be eligible for tax credits and deductions such as the American Opportunity Credit, Lifetime Learning Credit, and more.
However, there are scenarios where it may not make sense to continue to claim your child as a dependent. For example, if they have income from a job they may face higher tax rates. So it is important to get help from someone who can show you the pros and cons for claiming your child on your taxes.
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