2018 Tuition and Fees extension

[pjgallagher2000]

TurboTax "Learn More" says that if you have qualified educational expenses and you didn't qualify for the American Opportunity Credit, you might be eligible under the 2018 Tuition and Fees extension. I have qualified educational expenses, but one of my children qualified for the American Opp Credit and the other (5th year with lower costs) didn't. Should I bother amending my return?

[VictoriaD75]

Were those expenses already claimed on another tax return? If your child claimed them for American Opportunity Credit or Lifetime Learning Credit, then they cannot again be claimed for the tuition and fees deduction.

[pjgallagher2000]

The expenses were claimed on my tax return, but because he was a 5th year senior, the credits weren't available.

[SusanY1]

Credits will not be available under the American Opportunity Credit for a fifth year student but if otherwise qualified you should be eligible for either the Lifetime Learning Credit or the tuition and feeds deduction. 

It is the tuition and fees deduction that was was retroactively extended for the 2018 tax year. Some taxpayers are finding amending the tax return for 2018 to take advantage of this deduction to be beneficial. 

Here is a summary of who qualifies for the deduction:

• Taxpayers with a 2018, 2019 or 2020 annual modified adjusted gross income up to $65,000 ($130,000 if married filing jointly) may claim a maximum $4,000 deduction.
• Taxpayers with a 2018, 2019 or 2020 annual modified adjusted gross income between $65,001 and $80,000 ($130,001 and $160,000 if married filing jointly) may claim a maximum $2,000 deduction.
• The taxpayer, their spouse or a dependent child incurred qualified expenses at an eligible post secondary institution.
• The taxpayer, spouse or dependent has received or will receive a Form 1098-T from an eligible domestic or foreign education institution. If the college isn’t required to send Form 1098-T, the taxpayer must be able to demonstrate they were enrolled at the college and paid for qualified expenses

The Tuition and Fees Deduction is not available when:

• The taxpayer’s filing status is married filing separately

• The taxpayer claimed the AOTC or the Lifetime Learning Tax Credit during the same tax year

• The taxpayer or someone else claimed the AOTC or the Lifetime Learning Tax Credit for the same student’s qualified education expenses.

• The taxpayer was a nonresident alien during any part of the year and was not treated as a resident alien for tax purposes.

@pjgallagher2000