I had a bad self-employed year and he worked part-time for higher income than me. He meets all criteria to be my dependent & doesn't pay over half his support, as more than half comes from scholarships, loans and me. However the IRS knows nothing about loans taken out to help support him. Will my lower income trigger a red flag?
Yes, he could still be your Dependent.
His income being higher than yours will not trigger a red flag to the IRS. Even though his income is higher, he may not have used it for his support. For example, he bought a new car, traveled, spent it gambling or on medical bills, etc.
On the other hand, maybe your earnings were low but you had a saving account you used for expenses.
Click the link for more detailed info on determining financial support that may help you.
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