Can I claim the American opportunity credit if 2019 was my fifth/final year of college, and I haven't claimed the credit four times yet?

[eboroja]

The terms of the credit say first four years, but I just spent five years completing the four years of undergrad. I have not yet claimed the credit four times.

[Hal_Al]

Simple answer: yes.  Sinve you haven't completed the degree requirements, you are not considered to have completed 4 years.

You say " I  haven't claimed the credit four times".  Any credits, on your education, claimed by your parents also count toward the four times. 

Be advised that a  full time unmarried student, under age 24, 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.

[eboroja]

@Hal_Al 

All of my education has been paid for by myself, with some financial aid. I went to a community college first and thus got the first two years fairly cheap with financial aid. After I transferred to a university however, I paid significantly more out of pocket. I have lived with my parents, and this affected what I got in financial aid, so while they housed me, they didn't contribute financially to my education.  All that being said, as far as I know, the credit hasn't been claimed for me four times yet, but you make a good point and I will be sure to double check. My situation hasn't seemed to affect claiming the credit before, but based on the wording I wanted to be sure.

My concern with this is that if I claim it, and I wasn't supposed to, that I'll be audited in say, three years, which is about the time I'm looking to get serious about looking into buying a house.  Paying as much as I did for school in 2019, I'd really like to see some of it back. 

Thank you so much for replying!

[Hal_Al]

•  I paid significantly more out of pocket. Paying as much as I did for school in 2019.                             What is the source of the money that paid these expenses.  You don't mention earned (work) income.
• I have lived with my parents, they housed me, they didn't contribute financially to my education.                                                Housing has a support value: the fair market rent + utilities divided by the number of occupants
• I got  financial aid.                                    Scholarships are considered third party support, not support provided by you. Loans in your name only are support provided by you.  Cosigned loans are considered support from the parent.
• My situation hasn't seemed to affect claiming the credit before.                     If TurboTax (TT) has been giving you the credit, including the refundable portion, then you qualify, if your interview answers are correct. 

A child of a taxpayer can still be a “Qualifying Child” (QC) dependent, regardless of his/her income, if:

1. He is under age 19, or under 24 if a full time student for at least 5 months of the year, or is totally & permanently disabled
2. He did not provide more than 1/2 his own support. Scholarships are considered third party support and not as support provided by the student.
3. He lived with the parent (including temporary absences such as away at school) for more than half the year

The IRS has a worksheet that can be used to help with the support calculation. See: http://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf

[eboroja]

@Hal_Al 

• I  worked at a grocery store the entire duration of my schooling and paid for my schooling that way. I've done well and been promoted a few times along the way, which enabled me to keep paying out of pocket even in University. 
• Yes, my answer in regards to that wasn't trying to devalue the support of living with them, merely that I paid for all costs associated with my education. I couldn't have done it without them. I understand that the housing was a part of why my financial aid was calculated the way it was.
• I did not receive any scholarships, and my parents and I never took out loans. I have graduated debt free in that regard. I received support from Pell Grant and a Cal Grant that I was eligible for.
• TurboTax has indeed been giving this credit to me, and is again this year, however, upon double checking my numbers with another service, it stated that as a 5th year senior, I wasn't supposed to claim the credit.

In regards to QC, I have settled with my parents to claim myself for taxes for the past several years and haven't come upon any issues. They've never tried to claim me since we settled this issue, so while I understand it, I don't believe it applies to this.

That being said, I appreciate the reply and sharing of knowledge!