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fordfiesta2016
New Member

I graduated college May 2017- am I entitled to a credit from American Opportunity Credit? If so , I can I amend my taxes that I already submitted?

I already completed my 2017 tax return however I did not include my credit for the American Opportunity Credit.


I graduated and received my BA in May 2017.

Am I entitled to this credit and if so how do I go about amending my current tax return,


Thank you

1 Best answer

Accepted Solutions
MichelleT
Level 2

I graduated college May 2017- am I entitled to a credit from American Opportunity Credit? If so , I can I amend my taxes that I already submitted?

You can Amend, go through the Education section and see if you can claim these credits.  Click here for specific amending instructions. 2017

HOPE or AMERICAN Credit

You need to go back through the Education section.

Education tax credits can help you with higher education costs by reducing the amount of tax you owe. There are two credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit. We check both of them for you.

American Opportunity Tax Credit (AOTC)

You can use this credit for the first four years of college when working towards a degree.

  • Maximum credit is $2,500 per eligible student.
  • Must be enrolled at least half time for at least one semester during the tax year.
  • Up to $1,000 can be refunded to you.

Lifetime Learning Credit

There is no limit on the number of years you can use this credit for undergraduate, graduate and professional degree courses, including ones to improve job skills.

  • Maximum credit is $2,000 per tax return.
  • Can be used when you're only taking one class.
  • You don't need to be working towards a degree.

If you're not eligible for either of these credits, we'll see if you qualify for the tuition and fees deduction.

Related Information:


Go to  

>Deductions & Credits, 

>Education, 

>Expenses & Scholarships (1098T)

American Opportunity & Lifetime credits will be asked about here toward the end of the questions.

 You will need to know if and for how many years you have previously received these credits.

Go through all the questions in this section.

View solution in original post

2 Replies
KittyM
Level 2

I graduated college May 2017- am I entitled to a credit from American Opportunity Credit? If so , I can I amend my taxes that I already submitted?

Maybe.  The American Opportunity Credit is available for your first four years of college education.  Generally, the credit is taken as follows: Year 1 - Fall of your Freshman year Year 2 - Spring/Fall of Freshman/Sophomore year Year 3 - Spring/Fall of Sophomore/Junior year Year 4 - Spring/Fall of Junior/Senior Year If you did not follow this pattern, you may be able to amend and claim your Spring, 2017 tuition for the American Opportunity Credit.  You may qualify for the Lifetime Learning Credit instead.
MichelleT
Level 2

I graduated college May 2017- am I entitled to a credit from American Opportunity Credit? If so , I can I amend my taxes that I already submitted?

You can Amend, go through the Education section and see if you can claim these credits.  Click here for specific amending instructions. 2017

HOPE or AMERICAN Credit

You need to go back through the Education section.

Education tax credits can help you with higher education costs by reducing the amount of tax you owe. There are two credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit. We check both of them for you.

American Opportunity Tax Credit (AOTC)

You can use this credit for the first four years of college when working towards a degree.

  • Maximum credit is $2,500 per eligible student.
  • Must be enrolled at least half time for at least one semester during the tax year.
  • Up to $1,000 can be refunded to you.

Lifetime Learning Credit

There is no limit on the number of years you can use this credit for undergraduate, graduate and professional degree courses, including ones to improve job skills.

  • Maximum credit is $2,000 per tax return.
  • Can be used when you're only taking one class.
  • You don't need to be working towards a degree.

If you're not eligible for either of these credits, we'll see if you qualify for the tuition and fees deduction.

Related Information:


Go to  

>Deductions & Credits, 

>Education, 

>Expenses & Scholarships (1098T)

American Opportunity & Lifetime credits will be asked about here toward the end of the questions.

 You will need to know if and for how many years you have previously received these credits.

Go through all the questions in this section.

View solution in original post

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