Tax Breaks

Hi all.. I decided to save money this year and do my son's income tax return for
'23. he is a college student and worked three jobs last year. Since this is my first go at it, does anyone know of any tax breaks this year for college students. Dylan is 21.
I hope someone is able to help me along Thanks!

rose eskow rose eskow
February 19th

Get yourself a copy of Turbo Tax. It will guide you through a number of questions.

Your son (more like you since he's still a dependent) will qualify for college tax credits:
https://www.benefits.gov/benefit/5938

Since he's a dependent, there really aren't many breaks he will get. He's probably going to be a 1040ez with the std $24k deduction. Depending on how much he makes, he will probably have a zero federal tax liability. He still has to pay the wage tax (eg Social Security) of 7.5% (total is 15% but for w-2 earners, half of that is paid by the employer.)

You're the one that will get most of the breaks, not him. Just went through 8 years of this for my kids.


I used some incorrect terminology.

Wage tax should be "payroll tax" - that's a combination of medicare and social security.
https://abacuspay.com/resources/payroll-tax-wage-rates/2023-federal-payroll-tax-rates/

Also, the standard deduction for a single filer (which is what your son will be) is $13,850

https://irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023


Important, make sure that your son's return says Yes to Can you be claimed by someone else?, and YES to Will they claim you? This is a very common mistake.
This will help define his Standard Deduction wich is based on his income. as The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of: $1,250, or
The individual's earned income for the year plus $400 (but not more than the regular standard deduction amount, generally $13,850).

The education credit will be claimed by you, the parent. Your son cannot claim an education credit when: Someone else, such as you, list him as a dependent on your tax return.
His return will be very simple and it may be Free in Turbo Tax. Essentially fill in the w-2 information, answer the questions and file. It took me 18 minutes to complete my daughter for free (she is a student, also worked multiple jobs)

BrownEyesGuy BrownEyesGuy
February 23rd

BEG- What if he's earning more, paying for groceries and she is dependent on him? How do you know the circumstances?


The best place to get accurate and reliable tax advice is from a tax professional. There are many online as well as brick and mortar places. For example taxmama.com is an online service that is free.


Try freetaxusa.com. Unlike TurboTax, it's free, and walks you through everything.


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