American Tax Credit ?

Forum|Forum|2 years ago
March 20, 2024
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DawnC

Employee

What tax credit are you asking about? You can find the American Opportunity Tax Credit in the Education section within the Deduction and Credits section. You can search for 1098-T or education to be taken to that section.

Education Credits

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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.

Reference: Line 7 instructions for form 8863. https://www.irs.gov/instructions/i8863