my sad college fund

[moneybags]

For child to claim own exemption, they need to provide more than half their own support. What constitutes support is a list of things like room and board. If they make $10k at a summer job and tuition room and board is 20k, they can probably meet the 50% test.

I wouldn't think that would meet the test. If a child is under age 24, FT student, and living in the parents house (excluding time at college), I think you would want more substantial evidence for the 50% test.

[cptacek]

Anyone have any scholarship tips ?

Well, is your child good at anything?

My cousin is going to school at a community college and gets all books and tuition paid for by being the dance team manager. Her duties require her to go to practice for 2 hours a day (where she can study) and pushing the play button, and going to home games. Oh, and the stop button too.

My sister (ok, 5 sisters) got books/tuition for playing basketball/volleyball/track. A few got room and board for being RA's.

There are art scholarships, music scholarships, academic scholarships, scholarships for if you are left handed, if your parents are in the Lions Club, Rotary, Elks, if your child is in 4-H, sports scholarships, churches give them, if you get certain scores on the ACT/SAT, all kinds of stuff.

Were you serious?

[jIM_Ohio]

I wouldn't think that would meet the test. If a child is under age 24, FT student, and living in the parents house (excluding time at college), I think you would want more substantial evidence for the 50% test.

If child is providing half of own support, I can tell you the parent CANNOT claim the exemption- it really boils down to how you calculate the support (there are worksheets for this). If a 2 year old provides the income for the family (baby model, gerber baby, diaper tester...) then the parents cannot claim the child's exemption (assuming the income from the child is used to support the family).

IRS Courseware - Link & Learn Taxes

Step 4 of the interview tips in the Volunteer Resource Guide, determines the level of support by the child, not the person who wants to claim the child as a dependent. Children cannot have provided more than half of their own support during the tax year. A person’s own funds are not support unless they are actually spent for support.
This test is different from the support test to be a qualifying relative, which is described later. Review the Overview of the Rules for Claiming an Exemption for a Dependent, in the Volunteer Resource Guide (Tab C), to see the difference between the tests. If you are not sure whether a child provided more than half of his or her own support, use Worksheet 3-1 in Publication 17.

Certain things mean support in certain situations...

meaning support for exemptions is different than support in other places of the tax code (like claiming exemption for a non child).

The full time student has nothing to do with support
living at parents house has some things to do with support, but if child is not at that house 50% of the time, there are other calculations which need to be considered (support while at school).

sample worksheet

http://www.irs.gov/app/vita/globalmedia/worksheet_for_determining_support_17.pdf

Everything about a situation like this is "qualifies"... the IRS has documented what expenses are qualified educational expenses, and what qualifies as providing 50% of own support. The important thing is to read up on these items before you file taxes where you might need to qualify for them, so you can move money from right pocket to left pocket to attempt to get best tax return possible.

For example if parents gave child money now (as a soph-jr-sr in high school) for savings, that money would be in child's name... so if child used that money to support themselves when in college 2-3 years later, and the paper trail in 2012 shows the money was in child's name and used to support the child in 2012 when in college, then they provided 50% of their own support (assuming the amount in savings covered 50% of the expenses which is used to calculate support). For example use the savings to pay room and board (which is part of support) then parents pay part of tuition (which has nothing to do with support).

[moneybags]

Well, is your child good at anything?

Were you serious?

Yes & yes. I said that with a wink, because I am interested in researching scholarship opportunities, but don't want to sound like I am counting on financing college that way. My daughter is a varsity athlete, musician, and scored well above average on her ACT.

[jIM_Ohio]

Yes & yes. I said that with a wink, because I am interested in researching scholarship opportunities, but don't want to sound like I am counting on financing college that way. My daughter is a varsity athlete, musician, and scored well above average on her ACT.

I am a youth soccer coach. I know girls have an easier time getting scholarships than boys. My advice would be this (regardless of sport)... choose the school based on academics alone... the scholarship money might follow, but more money goes to seniors than Freshman. Once she picks the school, she should contact the sports coach in her sport(s) of choice. She might see something small as a Freshman ($500 for example) which becomes much larger as she contributes to the program.

[cptacek]

Agree with jIM, it is easier for girls to get scholarships than boys, but the girl has to WANT TO play. If she doesn't want to, she shouldn't go out. But if she does, she will probably be able to find a college to play at.

Look into the National Merit Scholarship if she does have solid academics and test scores. There are test requirements, etc., that have to be done before your senior year, so make sure you look into that.
National Merit Scholarship Corporation - NMSP

My parents couldn't pay for any of our college (9 kids, 7 went to college, 2 still in high school, farmers with a stay at home mom), but my mom pretty much made it her full time job to find us scholarships. She would find them, print out the forms, fill in her part (if it was dependent on need) and make us do the rest. The only reason I came out of school with any student loans (after 4 years at a private college and grad school to get a Master's) is because I used the money to help me buy a pickup. (yep, terrible move.)

I have tried to convince her to write a book about strategies on getting good test scores, when to take the tests, when to look at different scholarships, etc., but she thinks it is common knowledge. Well, after 7 times, it is common knowledge, but not to the first timer!

[moneybags]

I have tried to convince her to write a book about strategies on getting good test scores, when to take the tests, when to look at different scholarships, etc., but she thinks it is common knowledge. Well, after 7 times, it is common knowledge, but not to the first timer!

She could definitely hire out her services for a nice fee!