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If my kid claims independent when she is 18 yrs old, wouldn't she qualify for low income person and get financial aid for college? Doesn't it save more than claiming her as dependent on the tax?
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In a nutshell, it is not so simple.
For financial aid consideration, federal regulations state you must meet one of the following requirements to be considered independent from your parents:
Here is a link
link to FAFSA on line
"The US Department of Education considers a student a dependent up until the age of 24 except in certain instances.
Independent Status
* You are at least 24 years old on the day you file your FAFSA
* You are or will be enrolled in a masters or Doctoral degree program at the beginning of the school year
* You are married on the day you file your FAFSA
* You are a parent
* You have dependents other than your spouse who live with you and who receive more than half their support from you at the time you apply
* Both your parents are deceased (or were until age 18) a ward of dependent of the court
* You are currently serving on active duty in the U.S. Armed Forces for purposes other than training
* You’re a Veteran of the U.S. Armed Forces.
If none of the above criteria apply to you, you’re a dependent student - even if your IRS tax status is different, even if you’re legally emancipated from your parents, even if you have no idea where your parents are.
That said, in rare cases, your school’s financial aid officer can override the FAFSA results to help you get more aid if you can demonstrate a compelling case that your parents and family provide absolutely no support, and therefore you’re not really a dependent. This is called a professional judgement override and while they are granted extremely rarely, they do exist."