I accidentally claimed the American Opportunity Credit and have received the refund 2 days ago. Will I receive a penalty or can I fix this just by paying back the IRS?

[rgonzalez-91]

I misunderstood the qualifications for the AOC and claimed the credit. I found out a few days after filing that I shouldn't have claimed it. I just received the refund and am worried that I will be penalized. I am not sure how serious this is because I did not owe anything else to the IRS. Is there a way that I can fix the problem by just filing an amendment and paying back the money or will I get penalized?

[Tiki · Accepted solution]

Yes, you can file an amended return. After you complete the return, send the payment with the forms and you should not be subject to any additional penalties. Please be sure to make sure to amend and pay by April 18th. 

For assistance in getting started with amending your return, see the FAQ below. 

https://ttlc.intuit.com/replies/3288565

[yrq124]

I had the same problem. Did you mean that send the amended tax form with the payment: check, not cash? Thanks

[Tiki]

You should send the amended return with a check for the over-payment, if there is one.

[chrissanavarro]

its best