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How have I not maximized the American Opportunity Credit?
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How have I not maximized the American Opportunity 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 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.
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How have I not maximized the American Opportunity 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 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.
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How have I not maximized the American Opportunity Credit?
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How have I not maximized the American Opportunity Credit?
The earned income support question is part of the personal info interview, not the education interview. Go back and check your answer.
The tax return of a person, under 24, claiming the AOTC, and not showing any earned income is a a red flag to the IRS
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