1040 question about dependent children

My son is 22 and a full-time college student. He lives in an off-campus apartment with friends. Part-time earnings <$6,000. Can we take him as a dependent? 

Does the fact that he shares an apartment with other students mean that we can't claim him?

Thanks.

As long as you've paid for more than half his expenses for the year -- which include his tuition, etc. -- he's your dependent. Note he cannot take a personal exemption for himself on his own tax return if you claim him. The apartment doesn't matter, though I'm assuming he comes home in the summer. (Not a tax expert, just a good Googler.) 

kenboy is correct. (Also not a tax expert as well this was exactly my situation for the 4 years my son was in college.) Oh and unless he makes oodles of money his senior year after graduation and pays for more than half of that year's tuition and  expenses, don't forget to claim him that year too. Just advise him to basically take no exemptions for himself, since as pointed out by kenboy he cannot take a personal exemption. 

related question: my almost 20 year old asked about becoming independent herself. I'm not sure this would be beneficial to any of us, with regards to taxes. She is considering renting an off campus apartment year round, working over the summer and staying at school, but she would still have to be on our medical insurance. Even if she establishes residency in her current state (GA) her school is private and that won't change tuition rate. 

Would there be any financial benefit on either side for us to not have her as a dependent?

https://www.irs.gov/uac/Who-Can-I-Claim-as-a-Dependent%3F

shh said:

related question: my almost 20 year old asked about becoming independent herself. I'm not sure this would be beneficial to any of us, with regards to taxes. She is considering renting an off campus apartment year round, working over the summer and staying at school, but she would still have to be on our medical insurance. Even if she establishes residency in her current state (GA) her school is private and that won't change tuition rate. 

Would there be any financial benefit on either side for us to not have her as a dependent?

I don't know about the tax situation, but when I was of an age where my mom could still declare me as a dependent but I was earning income myself, she would claim me since it was much more beneficial financially for her to do so.  To keep a sense of fairness she would also have me fill out a second 1040EZ  on which I did claim myself (that second one I wouldn't submit obviously) and out of her refund she would pay me the difference between what my refund would have been and what it actually was. 

@shh - Your child may be eligible for more financial aid is she is financially independent.

NizhoniGrrrl said:

@shh - Your child may be eligible for more financial aid is she is financially independent.

Yes, I know, but it may be a wash for us since it's not realistic for her to actually afford her tuition. 

Proving a college aged student is financially independent is very difficult.  Students who actually are and don't get any financial support from their families are sometimes turned down for financial aid because it is assumed that the parents will chip in.