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Originally Posted by Glava
I just started college and received a nice ($2,700) check disbursement (extra money from Financial Aid and scholarships after tuition has been taken out) and should get at least that much next semester, in January. Will my parents still be able to claim me as a dependant on their tax return? Would this money hurt my Financial Aid possibilities for next year? Would I have to report this money when filing my FAFSA? If I start my own bank account, is anything affected?
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Rules to claim a dependent:
a) Make sure you are a US citizen.
b) Make sure your parents provide more than 50% of your total support for the year.
c) Do not file a joint return.
d) Make sure you're related to your parents (duh).
e) If you go to college, make sure you are under age 24 and a full-time student for some part of each of five months during the year.
Financial aid questions - I have no idea. Check with your school councelor.
Starting your own bank account - no big deal.