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- 21-yr old student received 70K IRA inheritance from Gma
21-yr old student received 70K IRA inheritance from Gma
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Greta
Level 9
3 hours ago
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Can she claim herself if she took entire IRA in 2024 rather than be parents' dependent? She was self-supporting, but not on earned income. Can she claim the American College credit for tuition paid?
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qbteachmt
Level 15
37m ago
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Dependent per IRS:
https://www.irs.gov/credits-deductions/individuals/dependents
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Greta
Level 9
20m ago
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It's advantageous for the daughter to claim herself in 2024 since she is using the 70K IRA inheritance to cover her tuition and living expenses. I assume that's permissible? The American education credit may not be permissible.
