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posted Mar 31, 2024 6:13:22 PM

I am a college student and I’m not getting 2500 credit so why aren’t I?

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1 Replies
Level 15
Mar 31, 2024 6:19:13 PM

 

There's a new urban myth among college students that says they can get a $1000 (or sometimes $2500) 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. 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.

Reference: Line 7 instructions for form 8863. https://www.irs.gov/instructions/i8863