He works part-time and goes to school. I've claimed his as a dependent in the past since I still give him money, but am just wondering if it would be better for him to file on his own. Would this impact his financial aid at all for next year?
Thanks for the question. There are of course a few different things that determine whether or not you can claim someone or not. However, as I understand it, it used to matter who claimed the student but the government changed the rules. Now to qualify for virtually any kind of needs-based financial aid, your child will be required to fill out a fasfa. Under the current rules of the fasfa, a child under 24 is considered a dependent regardless of whether or not he or she is claimed on a parent's tax return. In either case, the parent must include their financial information on the student' application. please see (fasfa.ed.gov)