Trying to decide if it's worth amending my 2019 returns to remove my 2 dependent children so they qualify for educational tax credits. I filed 3 separate 1040s for 2019--amending would result in additional refund amounts of about $1400 and $500 for the 2 children respectively. However, I would have additional federal tax due of $260. How do I calculate the late fees/interest that I would also get hit with?
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Under IRC code section 25A(g)(3) no credit is allowed to an individual who can be claimed as a dependent on another's return. your dependent children are not entitled to claim the credit.
your kids' 1098-T goes on your tax return and you collect the tuition and expenses credits.
If you didn't do it that way you only have to amend one tax return, yours.
When I check the boxes for can be claimed as a dependent/not being claimed as a dependent, TT adds the credit.
Yes. Must be claimed as a dependent to claim the credit.
Qualifications for claiming the American Opportunity Tax Credit are:
An eligible student is defined as a student who:
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