Do I qualify for the American Opportunity Credit?

[Johnsowe1014]

What is the Form 8863, I didn't receive one, only a 1098-T

[ChristinaS]

Form 8863 is for Education Tax Credits. You don't receive a Form 8863- you prepare one. To be clear, Turbo Tax will prepare the Form 8863 with the information you provide from your 1098-T.

Firstly, are you a dependent of another taxpayer? If so, they enter the 1098-T when they prepare their return.

If you are not claimed as a dependent, enter your 1098-T to see if you qualify:

• Go to Federal Taxes, Deductions and Credits- Education
• the access point to enter the 1098-T is there
• Your personal responses here will verify if you are eligible

The American Opportunity Credit is a credit for undergraduate students-up to $2500. There are income limits, as well as other criteria. Please read our page below for the most concise info.

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/What-is-the-American-Oppor...

https://ttlc.intuit.com/replies/5358150

[cwicklund13]

My daughter graduated with an undergraduate degree in December 2019. She needed an extra semester to complete her degree (4 1/2 years).  Are my wife and I eligible to receive an Education Tax Credit?

[AnnetteB6]

Possibly.  If you do not qualify for the American Opportunity Tax Credit, there is the Lifetime Learning Credit to consider along with the Tuition and Fees Deduction.  

Enter the education expenses into your return and TurboTax will make the comparisons and let you know which credit you are qualified to claim.  

Start by going to the Education section of your return using these steps:  

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
• This opens a box where you can type in “education” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
• The search results will give you an option to “Jump to education”
• Click on the blue “Jump to education” link

Then, if you are not prompted to enter your 1098-T, go through the entire education expenses section (without entering any information yet) of your return until you reach the screen titled “Your Education Expenses Summary”, then follow these steps:

• Click Edit next to the student name.
• On the screen titled “Here’s your Education Summary”, click Edit beside Tuition.
• Enter the information from your Form 1098-T.

Also, see the following TurboTax article for more information:  What education tax credits are available?

@cwicklund13