Hi all, I’m a 20 year old college student that is completely new to taxes. The last two years my parents have filed for me, so I’ve never really had to worry about taxes . I’ll be filing in a month or so, and I’m going to file myself this year.
As some background: In the past my parents have claimed me as a dependent. However I am completely paying for college on my own. Literally 0% help from my parents, it’s all loans and wages in my name. They only pay for my food when I’m home for the summer (May to August). I do have health insurance from them. But that’s it.
I was just reading an article that says parents can get education credits for paying your tuition, and I wouldn’t put it past my parents to claim that they pay my tuition. I don’t know if they need proof of this, but every year they lie on their tax returns so I wouldn’t put it past them.
My question is, are there any benefits of me filing as an independent this year? Should I let my parents claim me again? Are there any downsides for my parents if I don’t let them claim me this year? I made about 6k this year working if that makes a difference.
My parents tend to fly off the handle when I accuse them of making bad financial decisions on my part, so based on whatever advice I get here I’ll decide on my next course of action.