<p>My son entered graduate school in Fall 2009. He was an undergrad for the first half of that year. He is receiving fellowship from his graduate school that covers his tuition and living expenses. I have following questions.</p>
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<li>Should I claim him as a dependent on my 2009 taxes?</li>
<li>Who should get the education tax credit, him or his parents?</li>
<li>I assume he has to file his own taxes?</li>
</ol>
<p>Any help would be appreciated.</p>
<p>First…I am not a tax expert…but here is what I “think”. Consult with a tax pro to be sure.</p>
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<p>You have to figure out if you CAN. Did you provide more than half of his support in 2009? If not, you can’t. If so…it’s up to you. You can declare him…or he can declare himself.</p>
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<p>I believe is YOU declare him as a dependent, YOU get the credit…but really, I’m not sure about that. My son (who finished grad school) is declaring himself this year and we aren’t.</p>
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If he earned over a certain amount, he is required to file a tax return. If not, it’s his choice. If he is under the threshold for filing and had deductions taken out, he should file to get them refunded to him. I’m sorry, but I’m not sure of the threshold amount for this year…someone else can post it if they know.</p>
<p>The person who takes the exemption is the one who can take the credit. If you claim him as a dependent only you can take the credit. If he takes his own personal exemption only he can claim the credit.</p>
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In addition to providing more than half of his support, he must be a full time student (I know he qualifies there) and UNDER the age of 24. If you meet all those conditions, then you can claim him and you get the credits. If not, he does.</p>
<p>He has to file a return either way if his fellowship exceeds his qualified tuition. If he has no other income, he needs to file if his taxable fellowship is more than $5,700</p>
<p>If you are in that awkward year of maybe you can claim him maybe you cannot, run the tax return both ways…who benefits more from the credit etc and maybe you can do the more beneficial one.</p>
<p>Thanks to all of you for responding. So to summarize, I can claim him on my taxes if I provide more than 50% of his support, he is a full time student and less than 24 years old. He will also file his own taxes with his taxable income equal to his fellowship amount minus qualified tuition.</p>
<p>bioengr-
We’re in the same place this year…son in first year of grad.
I are able to claim him as dependent this year but will not next year when he is 24.</p>
<p>And to make it more confusing, independent for FAFSA does not necessarily mean independent for federal taxes. Different rules.</p>