My daughter (24 in Dec 07) was FT college student in all of 2007. I pay all tuition/living/insurance/book expenses. She earned more than $3600 at PT jobs for gas and food. IS she or isn't she my tax dependant? IF not, how do i claim 17K of tuition pymts
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puzzled Mom
ANSWERS: 5
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You can not claim her, to the best of my knowledge. I had the same situation with my mom, for 2006 taxes. I'm not sure what to do about the 17,000. Good luck.
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The way I understand it is if you pay more than half of her living expenses, you are entitled to claim her. Here's what Kiplinger.com has to say about it. http://www.kiplinger.com/columns/taxtips/archive/2005/tax0329.html
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Although ALL of the loans for my college were under my name, my parents could still take part of my loans off under their name because I was their dependant. I always understood it as long as she is a full time college student (unmarried) she can be considered your dependant. BUT I am NOT an expert- I am simply sharing my situation, I would def. contact a financial inst. to be sure. Best of Luck! :)
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Actually you can claim her. Any student under the age of 23 who you support more than 50% is your dependent. Make sure she does not claim herself (although she has to file). She will get all her taxes back and you will get the benefit of having her as you dependent. You can also take the education costs (but subtract out any money she received that does not have to be paid back first). If she is a first year college student take the HOPE Education Credit as it will genertae the biggest credit. If she has been in school for more than 2 years (college jr on more) you can take either the tuition deduction or the life time education credit but not the HOPE.
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THanks, nonquitered, for your response... Since she turned 24 in mid-December, she fails the 'age-test'. I eventually called the IRS, and they told me that i cannot claim her. I cannot claim the tuition payment, as it is reported under my daugher's SSN. Further, the tax benefit of the tuition payment claim comes off of her taxes. Since her income was just a bit over 5K, she gets everything refunded... no additional refund due to the tuition payment... that is just, in the IRS term, 'lost'. Yarnlady, nice link to kips, but again, my daughter fails the income test. IMHO, any reasonably industrious college student would fail the income test merely by working during the summer college break. Sigh, ptgirl is right.
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