Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jgoff
New Member

Can I quality for 2500 american opportunities credit am student claiming self on tax return

 
1 Best answer

Accepted Solutions
Hal_Al
Level 15

Can I quality for 2500 american opportunities credit am student claiming self on tax return

It depends on more detail.

A 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 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.

If the student actually has a tax liability he can claim a non-refundable credit but then the parent must forgo claiming the student's exemption and the student still can’t claim his exemption.

View solution in original post

1 Reply
Hal_Al
Level 15

Can I quality for 2500 american opportunities credit am student claiming self on tax return

It depends on more detail.

A 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 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.

If the student actually has a tax liability he can claim a non-refundable credit but then the parent must forgo claiming the student's exemption and the student still can’t claim his exemption.

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v