In most cases, if you are an undergraduate student, under the age of 24, single with no children, you will likely be classified as a dependent student for FAFSA purposes.
Rules for claiming college students as dependents
If your child meets these requirements and is a full-time college student, you can claim them as a dependent until they are 24. If they are working while in school, you must still provide more than half of their financial support to claim them.
However, to claim a college student as a dependent on your taxes, the Internal Revenue Service has determined that the qualifying child or qualifying relative must: Be younger than the taxpayer (or spouse if MFJ) and: Be under age 19, Under age 24 and a full-time student for at least five months of the year.
To meet the qualifying child test, your child must be younger than you or your spouse if filing jointly and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.
You start by filing a Dependency Review Form, which can be requested from a financial aid administrator at your school. You also must provide documentation explaining your situation. Your case is then reviewed by a committee or financial aid office at your college.
There is no age limit for how long you can claim adult children or other relatives as dependents, but they must meet other IRS requirements to continue to qualify. Additionally, once they are over 18 and no longer a student, they can only qualify as an "other dependent," not a qualifying child.
Cons of Claiming a College Student as a Dependent
If your child has earned income and you claim them as a dependent, they lose the opportunity to claim their own personal exemption (when applicable in future years) and certain tax credits that could be more advantageous for them.
If you do not receive more financial aid, it may be time to consider attending a community college that is either free or low-cost, until you can achieve independent status by turning 24.
The child must have lived with you for more than half of the year.2 3. The person's gross income for the year must be less than $4,300.3 Gross income means all income the person received in the form of money, goods, property and services, that isn't exempt from tax.
It's possible, but once you're over age 24, you can no longer be claimed as a qualifying child. The only exception to this is if you're permanently and totally disabled.
Student must be claimed as a dependent on the tax return; Student must be under age 22 on the last day of the tax year (born 2003 or later); Student must attend full-time.
Qualifying child
Age: Be under age 19 or under 24 if a full-time student, or any age if permanently and totally disabled. Residency: Live with you for more than half the year, with some exceptions. Support: Get more than half their financial support from you.
Children must be under 26 to be eligible for dependent coverage. Children must be under 19 (or 24 if a full-time student) to be claimed as Qualifying Child.
Can I claim my child as a dependent if they are over 18? Yes, if they meet certain criteria, you can claim your child as a dependent even if they are over 18. For instance, if your dependent is a college student full-time, they can qualify as a dependent up to 24 years old.
IRS Rules for Claiming a College Student as a Dependent
Even if your student files their own tax return for part-time wages, as long as they are under 24 years old and enrolled in school full-time, you may still be able to claim them as a qualifying child.
To meet the qualifying child test, your child must be younger than you or your spouse if filing jointly and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.
The American Opportunity Tax Credit
You can claim the AOTC for a credit up to $2,500 if: Your student is in their first four years of college. Your income doesn't exceed $160,000 if you are married filing a joint return. Your income doesn't exceed $80,000 as a single taxpayer.
Eligible children are defined as natural, adopted, step, or domestic partner's children up to the age of 26. Who is not eligible? Under the Act, the spouse or children of your adult children are not eligible for dependent coverage.
Yes, your child may be claimed as a dependent if age 19 or a full-time student under age 24 at the end of the year. To be considered a full-time student, the child must be enrolled for the number of hours or courses the school considers to be full time and must be a student for at least five months during the year.
You must provide more than 50% of their financial support.
You may be able to claim your significant other as a dependent on your taxes if you pay for over 50% of their basic living expenses. Living expenses may include housing, groceries, education, medical expenses, and more.
Financial aid administrators have the authority, through Section 480(d)(7) of the Higher Education Act, to change a student's status from dependent to independent in cases involving unusual circumstances. Nationwide, approximately 2% of undergraduate students become independent through such dependency overrides.
To change your immigration status—from full-time student to full-time worker, for example—or to extend your stay in Canada, you must submit an application.
What Is an Independent Student? For the purposes of the FAFSA, you are considered an independent student if you are at least one of the following: Age 24 or older as of December 31 of the award year. A graduate or professional student.