American Opportunity Credit

Forum|Forum|2 years ago
February 3, 2024
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Working on my sons taxes. It appears that he qualifies for American Opportunity Credit this year, but not sure why it's only showing $1 for his adjusted qualified expenses. He had over $13,000 in tuition and books, and $7,000 in scholarships. Part IV of the Student Information Worksheet is putting the difference on line 18 "Used for Exclusions". Can anyone tell me why that 6K is being excluded?

Hal_Al

Employee

One reason" you cashed US Savings bonds and claimed the interest exclusion for education.

Another reason: you used a 529/ESA plan and claimed an earnings exclusion.

You may need to delete the 1098-T and start over. Go through the entire education interview until you reach a screen titled "Your Education Expenses Summary". Click delete next to the student's name. You'll then get the "Your Education Expenses Summary" screen again. Click the "Add a student" button. You'll have to re-enter everything