First, I'd like to thank Beckie Leone at TaxConsultant4U for the facts of this post...
So, they've registered, bought books, packed up, and moved out. But how does this transition from high schooler to college student affect your taxes? Here's the long & short of it:
Children under 24 can be claimed if...
- He/she is a full time student.
- Parents pay 50% or more of the student's expenses.
- He/she is living temporarily away.
- He/she meets the above criteria.
- He/she does not make over $3,400.