Lowering EFC

Does your parent know about claiming the up to $2500 American Opportunity Tax Credit on up to $4000 of tuition/fees/books paid for in 2015?

If all of your 2015 tuition/fees/books were paid for with grants and scholarships, you could make up to $4000 of them taxable on your own return so that your parent could get up to a $2500 tax credit.

See IRS Publication 970.

(Applies to the parent who claims you on his or her tax return).