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eaglekl
Level 1

American Opportunity tax credit

I took my son who is a full-time college student as a dependent to get the $500 child tax credit in my wife and mine tax return I just e-filed. But as a result he lost a $1093 American Opportunity tax credit for 2019 tuition expenses. Our combined income exceeds the limit for taking his tuition as a deduction or the AOTC. Can I amend and refile my tax return without him as a dependent so he can claim the AOTC?

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AlexanderS08
Expert Alumni

American Opportunity tax credit

You can amend your return and refile it without claiming your son if it is more beneficial for him to claim.

 

Although the Form 1040X will be available in TurboTax in early February 2020, I would recommend that you wait at least six weeks before you file the amended return by mail. This is because the IRS can take that long to completely process your original return.

 

Then, once they receive your amended return, it could take 16 weeks to process. Accordingly, I would advise your son to request an extension and not to file claiming the AOTC until around mid-July, assuming you file the amended return by Mid March.

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3 Replies
AlexanderS08
Expert Alumni

American Opportunity tax credit

You can amend your return and refile it without claiming your son if it is more beneficial for him to claim.

 

Although the Form 1040X will be available in TurboTax in early February 2020, I would recommend that you wait at least six weeks before you file the amended return by mail. This is because the IRS can take that long to completely process your original return.

 

Then, once they receive your amended return, it could take 16 weeks to process. Accordingly, I would advise your son to request an extension and not to file claiming the AOTC until around mid-July, assuming you file the amended return by Mid March.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
forestview
New Member

American Opportunity tax credit

I am in a similar situation but debating whether I should file amended returns for 2019 and 2020 for me and my 2 children.  I would end up owing money because I cannot claim the child credits but my children would get larger refunds to offset what I owe.  I was wondering if the IRS will charge a penalty and interest on what I owe?

 

Hal_Al
Level 15

American Opportunity tax credit

There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. You usually must have actually paid tuition, not had it paid by scholarships & grants.  It is usually best if the parent claims that credit. 

You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.

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