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April 1, 2023
Question

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 ?

  • April 1, 2023
  • 2 replies
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2 replies

Hal_Al
Employee
April 1, 2023

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. 

 

 

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

SharonD007
April 1, 2023

Please clarify if you filed a tax return. 

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April 1, 2023

I did file everything including my 1098-T

KrisD15
April 1, 2023

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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