The maximum credit you can qualify for with American Opportunity Tax Credit is $2,500 but only up to $1,000 can be refunded, if you are eligible. That is because only 40% of the American Opportunity Tax credit is
refundable.
That means you may receive up to a $1,000 refund even if
you don't owe any taxes. The other 60% goes towards helping pay any tax liability that you may have, and it is never refunded. If you already received the $1,000 refund with your original return, you will not receive it again once you amend. Once you do the amended return, it will tell you if you are due another refund or if you owe anything at that point.
American Opportunity Tax Credit (AOTC) - (per https://ttlc.intuit.com/questions/1901172 )
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.
For more information on what qualifies you for the American Opportunity Tax
Credit, please see more detailed information here Who is eligible to take the American Opportunity Tax Credit?
