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College and University Discussion
Reply to "Independent Status improve financial aid / grants"
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[quote=Anonymous]At their income ($300k), they don’t get any deduction for an adult child. But as an independent tax filer, the student uses his tax free grand parent “income” $39k plus his part time job probably $10k or so to have about $50k to cover his expenses, which means he can easily claim to cover over half his living expenses independently and qualify for the $2500 AOTC (tax credit). [/quote]
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