American Opportunity Credit

Forum|Forum|2 years ago
February 6, 2024
1 reply
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This year I submitted to collect the American Opportunity Credit, I only qualified for a $3 return as I received scholarships and grants to pay for my tuition. When I filed in 2022, I did not know I could collect the American Opportunity Credit, I did not have any grants or scholarships then and paid my tuition myself. Can I still collect the American Opportunity Credit for 2022 then?

Bsch4477

Employee

Sure. Amend that return.

SimScAuthor

That's what I thought, so I started to amend it on Turbo Tax, it said I was eligible for a $1000+ credit from the American Opportunity Act, but it still kept my amended return at $0 so I'm not sure what to do?

Hal_Al

Employee

There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit.

You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.