Before filing your tax return, make sure to ask your parents if they are claiming you as a dependent. If this is the case, you will need to indicate that you will be claimed as a dependent on somebody else's returns when you file your return. You may have to file a state tax retur...
but once you're a student, that dependency status can be extended until you're 24. If this is the case, you can still file taxes, but you need to indicate that someone else can claim you as a dependent on your tax return. Furthermore, you can't claim any credits or deductions your...
The American Opportunity Tax Credit (AOTC) is even more generous than the LLC, offering up to $2,500 per year per student. To be eligible, you must be an undergraduate student or the parent of an undergraduate student who qualifies are your dependent. The student must be enrolled at least...
Every College Student Must Know the 4 Tax Breaks StrategiesJohn Lewis
To qualify for federal loans and other sources of financial aid such as scholarships, grants or work-study, students must first fill out the Free Application for Federal Student Aid, or FAFSA. See: How Average Student Loan Debt Has Changed in 10 Years. College Efforts to Improve Student ...
A parent cannot claim both credits for the same dependent child on a return in the same year; nor can a student who files. If there are multiple dependents on a parent’s return, both credits may be used so long as just one is claimed for each student. ...
Each state belongs to a regional program, such as the Western Undergraduate Exchange, the Midwest Student Exchange Program, the New England Regional Student Program and the Academic Common Market in the South. Under the Western Undergraduate Exchange, for instance, students who apply to c...
By College Raptor StaffLast updated on January 28, 2025 As a college planning platform, we talk a lot about FAFSA. And while it’s commonly recommended that EVERY student fills out the FAFSA, only around 50% actually do. That means another 50% of students attending higher education are li...
As a college student, financial planning is probably the last thing on your mind. College is seen as a time for finding your passion, charting your career path and, of course, partying. But financial decisions you make in college will reverberate through your life for years, ev...
credit. For the student to claim the credit, he or she cannot be claimed as a dependent on the parents' tax return. That can be worthwhile if, as in Fleming's clients' case, the parents make so much that they would lose tax breaks for their kids anyway under alternative minimum tax ...