Is your child a college student? Have you previously claimed your child as a dependent? Just because your child is now enrolled in college doesn’t necessarily mean you cannot continue to claim him or her.
There are some factors you need to take into consideration when deciding whether to continue to claim your child or to have your child file his or her own tax return.
There are certain criteria you must meet in order to consider if you claim your child. Ask yourself these questions first:
1.) Can you or your spouse be claimed on someone else’s tax return? If so, you cannot claim any dependents.
2.) Is your child married and filing a joint return? If so, you cannot claim him or her as a dependent.
3.) Was your child a US resident, U.S. national or a resident of Canada or Mexico for part of the tax year? You cannot claim a dependent if he or she was a non-resident for the entire year.
If you meet the above criteria, then you must determine if your child qualifies. To have a qualifying child, the 5 following items must be met:
1.) The child must be your son or daughter, stepchild, or eligible foster child.
2.) The child must be under age 19 at the end of the year, or under age 24 if the child is a full-time student.
3.) The child must have lived with you for more than half the year, except for temporary absences.
4.) The child must not have provided more than half of his or her own support for the year.
5.) If the child meets the tests as a qualifying child for more than one person, you must be the person entitled to claim the child as a dependent.
When claiming a child as a dependent there are many education credits that are available to the parents. For more information on whether you qualify for these education credits visit TurboTax Online today.