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Who here has adults in college?

Who here has adults in college?

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by: Ally Active Indicator LED Icon 2 OP 
~ 10 years ago   Jan 30, '14 4:16pm  
This is my daughter's first year and I received a tax statement from her college. She only worked part time for 6 months last year and I wasn't going to file a return for her. Am I supposed to file since she received a grant and is part of a college fund we got her? It says she may be due a tax credit for tuition and books but I don't have the slightest idea what to do? Help please?? 4951
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Katiemcg Active Indicator LED Icon 4
~ 10 years ago   Jan 30, '14 4:44pm  
All I can offer is that I know there are questions about tuition, grants/loans on the tax programs. It's probably worth filing. I think my parents filed for me from the time I had my first job at 16, until I turned 18 and started filing myself. 4951
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topcat Active Indicator LED Icon 12
~ 10 years ago   Jan 30, '14 5:42pm  
Maybe she should file by herself. Dang IDK. I'll need to know for next year. Hey, isn't someone on here a financial planner? Can't remember his name. @Retired_Engineer Do you know who it is? @BooBear? 4951
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KTownTexican Active Indicator LED Icon 11
~ 10 years ago   Jan 30, '14 5:58pm  
not sure on that,, I would say she files her own. That way she can qualify for more help if she needs it. otherwise they will add your income to her financial aid 4951
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Retired_Engineer Active Indicator LED Icon 13
~ 10 years ago   Jan 30, '14 6:04pm  
This is my daughter's first year and I received a tax statement from her college. She only worked part time for 6 months last year and I wasn't going to file a return for her. Am I supposed to file since she received a grant and is part of a college fund we got her? It says she may be due a tax credit for tuition and books but I don't have the slightest idea what to do? Help please??
 
@Ally:  It depends on a few things.  She doesn't need to file if she made less than a certain amount last year.  Did she have Federal Income Tax withheld from her check?  If so, she will probably get all that back if she files.  My kids worked during the summer and if FIT was withheld, we did the short-form.  Otherwise, it wasn't worth filing.  As for school expenses, you can only deduct about $400, but if you didn't pay taxes or already got your taxes back, you don't get any more back.My guess would be that it's better that you still claim her as a dependent.  If she made enough, she can still file a short form. 
4951
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Nicole4647 Active Indicator LED Icon 2
~ 10 years ago   Jan 30, '14 7:58pm  
I know my parents paid for my school out of pocket and they said they got my back if they claimed me. Now after I bumped them into a new tax bracket they kicked me off their taxes and when I filed alone I believe i got every penny back including book, gas and other things. I never qualified for financial aid so I have no idea how that woks.  4951
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