rebate tax credit

Forum|Forum|5 years ago
January 19, 2021
1 reply
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I am/was a college student in 2020 I filed my own taxes (w2’s) but my parents claimed all my school stuff the T1800 or whatever it’s called for the tuition and loans and stuff. I never received a stimulus package but I pay all my own bills and pretty much as far as the government is concerned I rent a room from my parents. Will i be eligible to claim that on the 2020 taxes with this rebate tax thing.

I don’t know a lot about taxes and stuff I just work and pay my bills and see a guy with all my paperwork.

Not A Product Question

Hal_Al

Employee

Under the CARES Act, if you are claimed, or qualify to be claimed, as a dependent on someone else’s return you cannot receive a stimulus check, in 2020. If you qualified as a dependent for 2019, but will not be for 2020, you will most likely get it in 2021, when you file a 2020 tax return.

But, you say "my parents claimed all my school stuff the 1098-T". In order for you parents to claim the tuition credit or deduction, they must also claim you as a dependent.

So, you need to coordinate with them as to who's gonna claim what. If you want the stimulus, by filing as a non dependent, they must not claim you or your education expenses.

But you still need to meet the rules (you probably do if you have non co=signed student loans and pay all your bills.

See full dependent rules at: https://turbotax.intuit.com/tax-tools/tax-tips/Family/Rules-for-Claiming-a-Dependent-on-Your-Tax-Return/INF12139.html

Hal_Al

Employee

Another thing to be aware of:

A full time unmarried student, under age 24, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. You usually must have actually paid tuition, not had it paid by scholarships & grants. It is usually best if the parent claims that credit.

You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.