yakers
Thinks s/he gets paid by the post
Anyone know how to approach taxes when one has a dependent in college and then said person (we hope) gets a job for the rest of the year. Students usually graduate in June, in previous years the expenses and tax deduction would usually be taken by the parent who has paid for these. But presuming our son gets a job, I would assume he would not be a dependent for the year and thus all the tax deductions for dependent status and college expenses would be lost to the parents and not useful to the now working son. Is this about right? Is there a better way to approach this? Pay costs in advance?