They said i was awarded the American opportunity Tax credit for being a student but this is my first year getting it. How do i know I’m going to receive that money ?
They said i was awarded the American opportunity Tax credit for being a student but this is my first year getting it. How do i know I’m going to receive that money ?
Q. How do i know I’m going to receive that money ?
A. By understanding whether you qualify or not. TurboTax says you do. But, that's based on YOUR input.
What has changed ? A simple answer would be: you turned 24 in 2022. Or, you're no longer a full time student.
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.
If that statement still describes you, you've entered something wrong.
To clarify "Who" said you were awarded the American Opportunity Tax Credit?
Are you a dependent student?
Do you have anything reported on your 1040 line 29?
To View Your 1040 in TurboTax Online Click TAX TOOLS on the left side-bar Click TOOLS from the drop-down Select “View Tax Summary” on the Tools Center screen Click on “Preview My 1040” which now appears on the left side-bar
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