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R
robledo-7
April 11, 2022
Question

Why is my American opportunity credit less this year?

  • April 11, 2022
  • 2 replies
  • 0 views
I have usually gotten a thousand a year but not this time?

2 replies

S
SweetieJean
Employee
April 11, 2022

Maybe your income is too high?

What Is the American Opportunity Tax Credit? - TurboTax Tax Tips & Videos (intuit.com)

Hal_Al
Hal_Al
Employee
April 12, 2022

The American opportunity credit (AOC) is 100% of the first $2000 of tuition and 25% of the next $2000.  Only 40 % of it is refundable.  40% x 2500 = $1000.  The other $1500 can only be use to offset an actual tax liability.  

 

So, if you entered less than $4000 of qualified expenses (usually just the tuition in  box 1 of the 1098-T), you will receive a smaller credit.

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