Question

can American Opportunity Credit carry over?

Forum|Forum|5 years ago
April 4, 2021
1 reply
0 views

Because of COVID, our son stayed home to take online classes from the local community college for the first semester of his freshman year. Because the tuition was so low and he just went one semester, we didn't get the full $2,500 credit. He is transferring to a 4-year for the fall and will be attending two semesters this year, he will easily exceed the amount to get the full credit next year. Is there a way he can use the amount he didn't get to use this year on next year's taxes? Or can we use the amount he paid for taking a college in high school class class (where he took the class as one of his high-classes classes but paid to get credit from a college) even if the accrediting college didn't send him a 1099-T? Thanks.

Not A Product Question

ColeenD3

No. You can't carry the credit forward. What you can do is skip this year if it is not going to give you the full credit and start his four year span in 2021. You can also use both schools for 2020, even without a 1098-T.

If you don't receive a Form 1098-T by Jan 31st, you can still enter your school expenses without a Form 1098-T. The IRS does not explicitly require a Form 1098-T in order to claim any education-related credits. However, you will need some sort of records in order to prove any expenses claimed such as canceled checks, receipts, a record of account, credit card statements, etc.